Joho Capital, a private investment firm based in Manhattan, had been located on a side street building in the Plaza District for many years. They were paying a high rate for their space given that there was no natural light nor any views.
Upon the firm's return to office following the Covid-19 shutdowns, we attempted to make a deal with their existing landlord to expand them in the building and structure a new long term deal. We recommended looking at some options outside of the building that may provide better overall value.
Upon seeing the alternative options that we provided, the firm's partners opted to make the move to one of our proposed spaces. We negotiated firmly with the new landlord and secured brand new installation built to their exact specifications. We also achieved 13 months of free rent, which brought the net-effective rent to just slightly more than their old space.
Now Joho Capital is located in a brand-new office with Central Park views and it was all built solely on the landlord's dime. The space has played a large role in improving their employees' perspectives on returning to the office.