Seventeen years ago, we moved our client's firm into a 15,000 SF floor space on Madison Avenue. Following the Covid-19 shutdowns, most of the firm's staff were working remotely so the partners were unsure how many people would ultimately return to the office.
After running various scenarios alongside the partners, the firm came to the conclusion that they needed to downsize their footprint and couple that with a shorter term lease. We identified a completely renovated building with a brand-new pre-built suite that perfectly fit their needs.
We negotiated with the landlord to have the space furnished while also giving the tenant an option to either renew or cancel the lease after the second year. This gave the firm the flexibility to stay for the full term or withdraw in a short period of time in case the suite no longer met their needs.