Benesch, an AmLaw 200 business law firm with offices across the globe, knew it was critical to have a permanent New York presence with it’s growing client base located in the city.
With a strategic growth mindset and a pending litigation project on the horizon, Benesch retained Allegro to transition them out of their temporary shared space to a permanent office space.
Partnering With Local Broker to Tour Office Opportunities
Because Allegro is an independent firm, the team reached out to trusted brokers in New York who were equipped with the market knowledge and experience necessary for a smooth process.
Within days of the kickoff call, the team was in the market looking at sublease opportunities that fit Benesch’s parameters: enough dedicated office spaces for each attorney, move-in ready, equipped conference rooms, and room to grow.
After narrowing down a long list of potential office spaces, the team immediately toured the top three options. From the outset of the search, it became clear that a 16,563 square-foot office at 1155 Avenue of the Americas was the ideal option.
Negotiating Turnkey Sublease Terms
This office was ultimately a perfect fit for Benesch. The team secured an entire floor that was recently built out by another national law firm that had recently been acquired and no longer needed the space. It had high end finishes, was fully furnished and already equipped with IT. And it allowed Benesch to make a commitment of just over they years so that it could reassess its trajectory at that point. The team also obtained a significant discount to market rental rates and required no additional spend on build-out or furniture.
Within two weeks, the team fully negotiated a letter of intent, had a signed lease within a month of engagement, and ultimately had landlord consent less than three weeks later. In just over two months from initial engagement, Benesch was moved into its new New York City office. The condition of the office combined with the market landscape and sound negotiations enabled Benesch to quickly solve for both its short-term and mid-range needs.
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