90 Park Avenue (Disposition)
100 Park Avenue (Acquisition)
Autonomy Capital, an immersive investment manager with over $5.5B AUM was looking to downsize from their 12,000 square foot, full-floor presence at 90 Park Avenue to a space that would provide support for their US operations.
At the height of uncertainty during the pandemic, Autonomy Capital was represented by a major brokerage who encouraged Autonomy to accept a below market offer to sublease
Autonomy was referred to Spaces Commercial to assess the space and terms of the proposal.
- Autonomy Capital was originally represented by Savills and was referred to Spaces Commercial to confirm market conditions and assess the terms of a proposal they had received.
- Spaces Commercial evaluated the market and provided a comparative market analysis for Autonomy Capital that showed all directly competing spaces to this sublease on a direct and sublease basis.
- Identified that Autonomy Capital’s space was the most efficient top shelf space on the market for this size tenant.
- Analyzed the risk for Autonomy to continue marketing their space and the potential to negotiate better terms.
- Developed and executed a marketing campaign, highlighting the build out and quality of the building
- Analyzed default risks for all sublease opportunities to mitigate risk.
Executed a 12,400 square foot, four year fully furnished lease assignment at 90 Park Avenue in the 4th quarter during the century’s worst real estate market.
- Negotiated a complex lease assignment mitigating any default risk by the Assignor
- Leased the space in one month, negotiating a 95% recovery rate for Autonomy Capital’s base rent.
- Offered one (1) month of free rent on a four-year sublease term- far below the market of 1 month per lease year
- Negotiated an as-is transaction with $0.00 improvement allowance
Executed a 6,000 RSF lease for Autonomy
- Defined search parameters that represented Autonomy’s workflow and modalities for the operations team
- Executed a space program to determine the correct RSF for Autonomy’s new space.
- Negotiated a complete NBI valued at $120.00/RSF
- Secured 8 months free rent for Autonomy Capital’s acquisition on a 5-year term.
- Aligned both the signing of the sublease and sublease commencement to dovetail with the signing and commencement of the 90 Park Avenue space.