Success Stories

LEASE VS. BUY DECISION
For: Asset Management Group

Building: 470 Park Avenue South - Midtown South District

Transaction:
Eight year sublease for 8,900 rentable square feet

Comments:
This Group retained Miller & Partners to advise them about the decision to either buy their future offices in a commercial condominium or to continue leasing office space. After several inspection tours and analyses, for both the lease and buy scenarios, the Group decided to continue leasing in New York.

Results:
After reviewing the lease vs. buy alternatives, the Group signed a long-term sublease with an established law firm at a rent 35% lower than those in a similar "class" of buildings in the Grand Central District. Since their prior address was to undergo a gut rehab we maximized our clients leverage in the lease buyout negotiation.