Philadelphia based law firm wanted to open a New York City office. They bought a small NYC firm, thereby acquiring space in a class-C building as part of the deal. Our role focused on initially leasing a 10,000 rsf space in a class-A building (100 Park Avenue) while subletting the class C space. As the tenant’s growth moved at a faster pace than anticipated, we subsequently approached the landlord to take the balance of the space on the floor at 100 Park Avenue (20,000 rsf). In order to do so, the landlord needed to move the existing tenant.
In addition to our tenant moving into their new combined 30,000 rsf space, the law firm acquired another firm coincidentally also at 100 Park Avenue but did not want to keep the additional 10,000 rsf space that came with the purchase. We then negotiated with the landlord to take back the floor acquired in the second purchase. The landlord did not initially want to take back the floor as he was renovating the building, but we held out for the right deal and eventually got the tenant the best deal possible.