Savills Studley searched for a Class A building in all Midtown submarkets, with an emphasis on space near Grand Central Terminal, and located a dozen candidates that could satisfy Forum Capital Partner’s requirements. Savills Studley leveraged its vast knowledge of all the targeted buildings to create competition amongst landlords. In doing so, Savills Studley found space in a Class A building that had recently been vacated by a major tenant. The landlord was looking for many smaller tenants that would value the high-end pre-built program that had just been delivered. Savills Studley executed a five year lease on behalf of Forum Capital Partners, with flexibility to accommodate future growth.
Four years later, when the initial lease was nearing its expiration, Savills Studley was called in a second time to assist in the analysis of a stay-versus-move decision. Once again, Savills Studley explored the marketplace to find the best real estate solution on behalf of the financial services firm. Ultimately Forum Capital Partners moved within the same building, seventeen floors higher, to a corner space that was built-out by the landlord specifically for Forum Capital Partners.
Then, in 2015, Savills Studley proactively renegotiated the renewal provision in the lease and was able to renew at more favorable terms for the subsequent five years. It was Savills Studley’s knowledge of the landlord’s loan coming up for renewal that allowed the transaction to include substantial free rent and a work allowance for Forum Capital Partners to upgrade its premises.