Harry Fox Leaves Starrett-Lehigh For 40 Wall
January 12, 2012
By: Jacqueline Hlavenka

In an effort to reduce its operating expenses, music licensing and rights management firm the Harry Fox Agency Inc. will move from its current space at RXR Realty’s Starrett-Lehigh Building to a 36,921-square-foot space at the Trump Building come second quarter 2012. However, this relocation wasn’t your typical lease transaction, according to Studley, who represented HFA on the deal.

In a multi-faceted series of events, the firm first signed an agreement to terminate its 47,144-square-foot, fifth-floor sublease from Tommy Hilfiger USA at Starrett-Lehigh. According to Studley, this culminated in a direct lease expansion between RXR and advertising firm McGarryBowen, an existing 130,000-square-foot tenant in the building that was seeking to expand. ...

... “We engineered the entire structure so that it could satisfy the needs not just for Harry Fox, but also for McGarryBowen who needed more space, for Tommy Hilfiger who needed more space, for Lord & Taylor who did not need their 21,000 square feet anymore and for the landlord to receive market rents,” says Greg Taubin, senior managing director at Studley, in an interview with GlobeSt.com. ...

... “We found substantial annual cost savings on the real estate going forward for the next 14 years,” Taubin says. “In addition to that, the alternative down at the Trump Building gave us a full floor and the landlord will be turn-keying the space so that in effect, it reduces any minimal out-of-pocket costs for the actual move itself.” ...

... As a whole, Taubin described the transactions as “interconnected” and a “win-win” for all parties involved. “It was a lot of hard work and a lot of time,” he says.  ...

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