Finding Manhattan Office Space for a Law Firm or Hedge Fund

no comments

The task of finding the right commercial real estate in New York City is both complicated and critical. There are many requirements you are trying to satisfy: partnering with a reputable landlord, finding the right location based on your neighborhood criteria for amenities and commuting, finding the right price, finding a flexible lease for future growth or contraction, and finding the right office rent structure.

Rofo is uniquely positioned to assist with your search. Not only do we highlight available commercial real estate listings but we also provide a platform to connect with the best tenant rep brokers in your area. Rofo is not a brokerage firm – but we partner with the best firms to help you secure the best space with the best terms.

One of our Manhattan tenant rep broker brokers is Megan Keenan. Megan specializes is representing law firms and hedge funds in finding office space in New York City. Here are a couple of Megan’s recent success stories:

Law Firm Relocation

A national law firm, had a lease expiring in a midtown Manhattan trophy office building. The building was acquired and the new ownership raised prices. How could the client narrow down a list of relocation options that work best for their firm?

Megan was engaged to provide strategic direction and formulate possibilities. Several alternatives were identified and analyzed which the law firm would not have otherwise considered. The law firm ended up relocating to downtown into a building that Megan identified. This building had a just lost a key anchor tenant and Megan used this as leverage to negotiate a below market deal for the firm. In addition, Megan educated them about the Lower Manhattan Tax Incentive Program which created additional substantial savings.

An analysis of the original proposal from the Landlord against the four subsequent counteroffers negotiated by Megan show the law firm saving a staggering $1,811,130 over the lease term. In addition, the law firm was the beneficiary of extensive lease options providing them the flexibility they needed to operate the firm well into the future.

Hedge Fund Start-Up

A start-up hedge fund founded by well recognized industry leaders needed to find permanent space that allowed privacy to meet investors demand. How could they find space that didn’t require a year of security given the fact they were a start-up? In addition, the firm needed a space already built out to meet their needs given their launch date was six weeks away.

Megan was engaged to provide strategic direction and formulate possibilities. Megan identified a building where the Landlord had just spent quite a bit of money to market his building toward private equity and boutique financial users including: adopting a golf simulator area, a backup power generator, a lavish outdoor terrace, and a state of the art gym complete with massage rooms. Megan leveraged the reputation of the founders and educated the Landlord about the hedge fund. She was able to articulate that they were not a global macro fund placing directional bets but a high yield credit fund.

Megan was able to get the security deposit negotiated down to five months which is unheard of for a company with no financials. The hedge fund was able to walk into a brand new pre-built unit that met their needs perfectly at a well negotiated price including five months of free rent.

Contact Megan to get a shortlist of New York City office spaces for your firm.

Written by The Rofo Team

November 1st, 2018 at 9:29 am

Posted in General