There are many reasons for a hedge fund or family office to want to exit their office lease including, needing more or less space, upgrading to a higher end or more functional space, looking to reduce costs by moving to a less expensive building, or moving to another market.
Office leases are contracts that provide tenants with use of space for a period of time for a fee (rent). Office leases are usually inflexible, slanted in favor of landlord, and have very defined terms for lease termination. Most fund managers looking to exit their office lease will typically jump to subleasing the space as it’s the most common method to trade out of a space.
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The last remaining of the turn key, fully furnished Altus Suites is 6,454 RSF on the southeast corner of the 54th floor of the building. The layout of this suite includes 2 corner executive offices, two standard offices, conference room, pantry, and open space for 15 workstations. Finishes include 10’+ wood and sheetrock ceilings, full height custom office fronts, high end floor coverings, and a beautiful pantry.
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It’s hard to believe that only a few years ago the neighborhood West of Penn Station was a desolate tract of train tracks-one of the most blighted part of Manhattan. Now standing on the corner of 34th Street and 9th Avenue you see one of the busiest and most diverse areas in all of New York City with the brightest and newest buildings, restaurants, residences, and shops. It’s no wonder that so many of NYC’s top companies have chosen to call Hudson Yards their home. The following are the top available office space in Hudson Yards for hedge funds, family offices, and private equity firms.
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There are two tiers of “the best” buildings: Class A buildings and Trophy buildings. Trophy buildings are typically the most modern structures, with institutional-grade ownership, situated in well-located areas, and featuring high-end, trend-setting design and finishes both on the exterior and throughout the interior, including the lobby, common areas, and tenant spaces
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Brand new to the market is a rare partial floor at the legendary 1 Vanderbilt- the building that tops our list of Trophy buildings in NYC. The space is part of 1 Vanderbilt’s Altus Suites offering fully furnished and wired turn key office space. These suites are reserved for professionals who want the best office space New York City has to offer and these spaces will not disappoint.
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If you’re a hedge fund in the market for 2-3,000 RSF, then these are the few spaces that rise to the top of the short list of available Class A and Trophy office buildings in NYC:
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Negotiating with coworking providers in NYC can be a complex process, but it doesn’t have to be overwhelming. By visiting multiple providers, leveraging each one to create a bidding war you can secure a great deal that meets your needs and budget.
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One thing is clear in this market- landlords can’t afford to lose tenants. Tenants who are in tune with this reality could take advantage of the opportunity to secure advantageous lease terms that will increase profitability, flexibility, and reinforce their competitive edge.
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Outlined below are the steps required to effectively sublease your space. Contact us if you’d like more information or need help marketing your sublease.
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Modern built sublease featuring two large open areas, four conference rooms, and two phone booths. Fully wired and furnished with 28 desks.
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