Case Studies

 

Transaction Details

Client
Harry Fox Agency

Property
601 West 26th Street
New York, NY

Transaction Size
47,144 square feet

Transaction Type
Lease Termination, Sublease

Industry

Agency Simultaneously Subleases Built Out Furnished Space While Subleasing Old Space  

 

Client Situation

The Harry Fox Agency was located at 711 Third Avenue with three years remaining on its lease. The space was inefficient and the building had no room for its tenant to grow. The company wanted to move to more efficient space before its lease expired, on the condition that its occupancy costs would remain flat and it would be relieved of its remaining lease obligation (approximately $4.5 million).

Consideration Analysis

The Harry Fox agency did not have capital for upfront construction; hence Studley (now Savills Studley) methodically scoured the marketplace for built, furnished space suitable for its client.  At the same time, Studley was negotiating a lease termination of the Harry Fox Agency’s existing obligation.

Result

Our firm successfully negotiated a below-market long-term sublease in newly built out, furnished space at 601 West 26th Street. The space is located in a more suitable location and building for Harry Fox Agency’s operation. The simultaneous negotiation to terminate Harry Fox Agency’s current lease was completed and held in escrow upon the final landlord consent to the sublease.

 

 

Meet the Team

Greg B. Taubin
Vice Chairman

Greg joined Savills Studley immediately following his graduation from Tulane University in 1994. His areas of expertise in strategic commercial real estate planning include early lease restructurings and renewals, relocations, and the acquisition and disposition of facilities. Greg has a thorough understanding of the New York real estate market which enables him to structure complex occupancy solutions that align with his clients’ business goals.

+1 212 326 8603

 

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