370 Lexington Avenue • New York, NY
Running…Out of Space — Hedge Fund Expands into an Office Space
that Fits its Business Needs, Growth and Company Goals
Challenge
A growing hedge fund was looking for more space as they were a year from their lease expiration. They loved their offices and their location near Grand Central but were fearful they couldn’t expand within the building. As a newer business they were also focused on their expenses so wanted to keep their base rent below market.
Action
Over a six-month period there was a comprehensive market analysis of 50 million square feet around Grand Central Station that revealed 15 opportunities for office space available from landlords and from the sublease market. The client then visited 8 buildings during 2 space tours to understand the market and their best options. At the same time conversations were initiated with the landlord through their representation to explore expanding within the building.
Results
- Empowered the client to understand there were options outside the building
- Educated the client to the current market environment
- Helped them realize their current office space was in fact below market
- Resulted in the landlord accommodating their growth within the building
- Obtained larger space configured to their needs and that met their growth
Testimonial
“Gregg provided us invaluable support and guidance through our office
space search. He had come to us through a referral from another hedge
fund. They had suggested that not only would he work tirelessly on our
behalf but also make the process seamless so that we could continue
focus on running our business. We are so glad that they made that
introduction and look forward to working together as we grow in
the future.”
Matt Tambellini,
COO of Stamina Capital