600 Third Avenue | New York, NY
A multi-national biotechnology company was outgrowing their space but had 2 years left on their 10 year lease.
Challenge
Kyowa Hakko’s business expansion meant they needed more offices for their new executive hires. It was crucial to stay near Grand Central given the large percentage of employees coming from Connecticut and Westchester. With only a short term time left until lease expiration they really didn’t want to sublease their offices and incur the associated costs and risks. The additional challenge was a short time line if they were to do any construction given there was a 50 year anniversary celebration to be held in their offices in a few months.
Action
Kyowa Hakko hired representation to explore their options. A dual strategy was implemented. Their advisor discussed with the landlord the options for expansion within the building as well as the landlord’s portfolio of buildings. Simultaneously their advisor did a comprehensive market analysis of the 44 million square feet of offices in the Grand Central submarket to understand pricing and value.10 spaces were identified that met their requirements. 10 sites were visited by their representation ahead of the client, resulting in 5 being eliminated. A site tour of 5 was completed by the client providing knowledge of the current market.
Results
- Identified space was coming available in the unit next door
- Enabled the client to renew and grow within the building without business disruption
- An informed client who understood current market pricing and availability
- Refreshed space with glass fronts, upgraded conference room & more efficient layout
- Zero productivity loss by identifying temporary office space within the building
- A successful 50 year company anniversary in brand new space
Testimonial
I can’t tell you how much I appreciate your help over the last few months.
You provided invaluable assistance and insights as we analyzed the
options for our firms future office needs. We feel fortunate to have had you
represent us. You enabled us to grow and improve employee morale all
without having to move offices. You made it a seamless process so that we
could continue to work and get a completely refreshed space.
Leo Cullen, President & CEO of Kyowa Hakko USA