With five years remaining on its existing lease, business consulting firm McKinney Rogers has signed a new long-term lease on the eighth floor at 444 Madison Avenue for its global headquarters.
The firm will be moving out of 2,000 square feet on 35th floor of the same Madison Avenue building into turnkey space that the landlord is building out with an above-standard installation. Move in date is scheduled by July 1, 2010.
“This might be the fastest transaction I have ever closed,” explained Greg Taubin of international commercial real estate services firm Studley, who along with Studley’s Jason Perla represented the tenant in the transaction. “I was referred to the client on March 17 and officially closed the deal on April 28th. Even with this short timeframe, we were able to achieve economically favorable lease terms that include built-in lease flexibility for options to expand, contract and terminate, if necessary. We condensed what is typically a three-month negotiation of business terms into two weeks.”
“The landlord, Westbrook Partners, and their agents understood the value of keeping an existing credit tenant for the long term and worked with us to accomplish what seemed like an insurmountable task of delivering newly built space ready for occupancy by July 1st,” Mr. Taubin further explained.
To help facilitate McKinney Rogers’ immediate growth, Westbrook is also providing them with temporary space that will accommodate its growing staff until the new space is ready.
“McKinney Rogers has demonstrated phenomenal growth during the past three years, partnering with clients to deliver extraordinary performance and execution. The new space will reflect McKinney Rogers’ passion, energy and results and will provide a world-class environment for continued client support. A number of different teams came together on this project; aligning and executing brilliantly in order to achieve this incredible result. We are quite excited about the future and look forward to the opening in July,” Brandon Shelton, New York partner for McKinney Rogers, explained.
Paul Amrich, Patrice Hayden and Kerry Powers of CB Richard Ellis, represented Westbrook Partners in the transaction.
Lawyers on the transaction were George Walsh of Thompson Hine for McKinney Rogers and Ken Sklar of Greenberg Traurig.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.