Success For Legal Offices At One Penn Plaza
We were engaged by Tressler, LLP., a Chicago firm with offices in New York City, Newark NJ, Los Angeles and Orange County CA, and Bolingbrook, Il. Their New York City offices are located on the 47th Floor of One Penn Plaza, with amazing views and a panoramic exposure. The "host" firm had 4 contiguous offices in their space that were not being used, and rather than ignore the deficit they hired LookingForSpace.com to find a compatible subtenant with whom they could share their space.
At the same time we were working with a group of attorneys in the newly formed offshoot of another firm, who as it turned out had a relatively immediate requirement for 4 offices and 2 workstations. As brokers hired by the sublessor we immediately had Gerber Partners tour the office space at One Penn Plaza that was being offered by Tressler LLP and in addition to matching exactly the parameters of their space search we found a tremendous personality match between the firms.
Tressler developed a license agreement that expressed all of the requirements of the overlease with Vornado for the large office space that they lease in the tower of the building and with the consent of the landlord, Gerber Partners will be moving in to their new offices on Wednesday,
June 1.
The interesting thing about this transaction was the immediacy with which it occurred. We got the assignment and were able to secure the right subtenant in less than 3 weeks from the time the listing was launched on the LookingForSpace.com website. That included document negotiation which was streamlined because of good drafting on the part of Tressler's contract specialists.
This was an example of a listing that went rather quickly - and while I don't want to suggest that it is always this fast, I do want to point out that as a nexus of online interest in shared law office space, LookingForSpace.com is positioned very well to match law firms with groups of extra offices to other firms that require placement in the offices of another law firm. We attract both sides of the equation: The firms that have the extra offices as well as the attorneys and firms that require the offices for sublease.
We are encouraging larger firms with offices for rent to consider our "Broker Assisted" listing program - which is the service that Tressler LLC took advantage of, to get the services of an experienced professional broker to help them rent individual offices within their space - and specifically to rent these offices to another law firm. That is exactly what we do every day of the week and why we ask that you contact us if your firm has a group of offices available for sublease. Additionally, we represent firms that are interested in subleasing private space (separately demised office space) that has been purpose built for law firm use. That is our second area of specialty and we are experienced and capable when it comes to negotiating the terms and conditions of a sublease of separate, private office space where the sublessor is not offering shared services - but rather wishes to sublease an entire private office space to another firm. More often than not, the sublessee can move right in to an existing legal office space with minimal work. Many times the "host" firm includes the use of the furnishings and phone system during the term of the sublease, which makes it much easier for a firm that has been in a serviced (and furnished) environment to relocate to a new, private space.
If you have extra offices in your law firm or if your firm has a separately demised unit of legal office space that is available for sublease to another law firm, please call us at (212) 986-9100 and ask for Neal Lerner. Your real estate subleasing needs will be handled directly by our Principal - who has over 30 years of experience negotiating commercial office space leases in New York City and beyond. Alternately you can Email Us and receive a quick response to your questions.
