Astonishingly Good For An Old-School Law Firm With Modern Aspirations

12-19-2019 | by Neal Lerner

Sometimes we see something in the marketplace that just screams "it's yours".  I have a feeling about this one:

Midtown (Hi 40's - Avenue Building)

Full tower floor:  17,500 sq ft with 30+ offices and 3 conference rooms

Fully furnished and provisioned with brand new furniture system and state of the art equipment

Available Immediately - Sublease for 9 years remaining on lease

Below market rental

High ceilings

"Old School" look.  The space is very modern but there aren't a lot of glass walled windowed offices letting light flow to the inside of the space.  These offices offer the degree of privacy that used to be demanded by attorneys dealing with sensitive matters

Expansion possible:  additional contiguous space, built to the same high standard, can be made available immediately, or at a future time for expansion of the premises.

Sublessor has excellent financials


Rarely do we see a space this nice and of such high quality that it makes you wonder where the sublessor stumbled.  It's no mystery, and I'm happy to discuss it with you if you're interested in this sublease.  The situation is somewhat unfortunate - but it in no way impacts the sub landlord's financial stability and qualifications.

You can benefit greatly from someone else's problem if your firm needs 30 offices in Manhattan (or more).  Beautiful wood furniture system with high end wall coverings, plus carpeting, and very high ceilings make an incredibly desireable offering that just demands to be satisfied.  And, to take it a little further, the satisfaction will accommodate both sides of the table.  The party subleasing the space is happy to have part of their obligation spoken for.  The party acquiring the space will benefit from an office intensive installation where EVERYTHING IS BRAND NEW!

After careful analysis we believe that a deal will be struck below $59/sq ft in this Class-AA building that has a brand new lobby and elevators.  In this market the space is clearly worth in excess of $70 per sq. ft. and the sublessor sank more than $150/r.s.f. into the tenant installation.  It is literally gorgeous commercial office space where everything is brand new and it has exactly the feel that a mature group of attorneys would appreciate.  Old school but up to date.

So many of the larger spaces that we see are "tired" and generally don't have much remaining term.  In fact, if I told you we were going to look at a 17,000 sq ft law firm space you'd probably immediately think that we'd be going to tour a "beat-up" unit...because most of the larger, short term subleases we inspect have been occupied by the same firm for the first 10 year period and now are coming up on the tail-end of their 10 year renewal.  At the end of the term many of these spaces will be 20 years old - or more.

Because of the open office / coworking design trend, the majority of the sublets we see in the present market are open plan spaces with a high density of workstations.  The professional firm looking for high density offices cannot use that kind of space but because of their multi office profile they exempt themselves from what is the majority of the spaces on the sublet market.  That makes this on a "find" and I hope you'll phone me if you have a similar need.

This space is a significant exception to the "old beat up space" rule and it really begs to be seen if you need a shiny new high density modern brand new office space available for a long term in move-in condition including all FF&E, that is vacant and ready for immediate occupancy.  This is a long term solution to your high density space emergency

For more information or to arrange an inspection
please contact:
Neal Lerner
212 - 986- 9100
Or Email Me

 

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