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LM COHEN & COMPANY

CLIENT:LM Cohen & Co.
SERVICES:

Acquisition

Disposition

Financial Analysis

BUILDING:

1 West 34th Street (Disposition)

535 FIfth Avenue (Acquisition)

RSF:20,359 RSF

LM Cohen & Company (LMC), a rapidly growing accounting firm, sought a real estate advisor to evaluate its occupancy in New York City. Specifically, it was growing out of its space (with 7 years remaining on its lease) and required a space solution providing flexibility to accommodate for continued growth in a building that better reflected its image and clientele.

Spaces Commercial was retailed to market its sublease and to evaluate options in NYC.

APPROACH

  • Analyzed and evaluated all viable blocks of space on the market in the three defined submarkets
  • Performed marketing analysis for the disposition of LMC’s office in the Garment District
  • Performed a labor force analysis of relocation options including financial analysis
  • Minimized work force disruption and political ramifications of relocation
  • Provided flexibility in LMC’s occupancy through identifying expansion opportunities within the building throughout LMC’s lease.
  • Evaluated prospective buildings capital stack to develop negotiating strategy

RESULTS

Executed a 14,000 RSF lease at 535 Fifth Avenue, a class A office property with a prestigious 5th Avenue address

  • Average rental rate was 22% below market
  • Secured 8 months of free rent after Landlord’s construction
  • Received a full high end build out with no out-of-pocket expense
  • Negotiated full renovation to the floors infrastructure to accommodate LMC’s needs
  • Negotiated a subsequent 7,400 RSF lease expansion at 30% below market rent

 

Executed a 5,964 RSF sublease on LMC’s behalf at 1 West 34th Street.

  • Secured a credit tenant to lease the space for the entire lease term
  • Subleased at a profit offsetting some of LMC’s moving costs
  • Negotiated delayed possession to accommodate for LMC’s occupancy at its new space