Harry Fox Agency

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.

 

Summary Information

  • Property: 601 West 26th Street, New York, NY
  • Transaction Size: 47,144 SF
  • Transaction Type: Lease Termination, Sublease
  • Service Line: Office

Meet the Team

Taubin, Greg B.

Taubin, Greg B.

Executive Managing Director
212.326.8603