Success Stories

BUILDING SALE PROMPTS NEW OFFICES
For: International Producer of Metals

Building:
6 East 43rd Street - Grand Central District

Transaction 1:
Fifteen-year lease for 13,800 rentable square feet

Comments:
Prior to relocating, this Company was headquartered in three adjacent buildings owned since the 1950s. We negotiated an economic package that contained eight months free rent, a generous cash allowance and a competitive lease rate. The efficient, cost-effective and high-quality installation on a full-floor motivated the Company's management to make the transition from owned space to leased space.

Results:
We negotiated a package of inducements from the landlord that were equivalent in value to 29 months of rent.

RELEASE OF CONTINGENT LIABILITY

Transaction 2:
Landlord's recapture of remaining 8-1/2 year lease term

Comments:
Six years into the lease, Miller & Partners was retained to assist this Company in the subleasing of its New York office space. At the time, vacancy rates were near record highs. We marketed the space to full and partial floor users. By canvassing 6 East 43rd and others in this sub-market, we created interest and reviewed numerous proposals from potential sub-tenants. Our tenacity led to a sublease for 50% of the floor to a company intent on expanding within the building.

Results: We negotiated a six month period for our client to move within the building or relocate elsewhere. The result of our 20 months of work was our client's complete release from a $3,500,000 contingent liability, their relocation to brand new, efficient space nearby and the landlord retaining an expanding credit worthy tenant.