Midtown-based law firm Florio & Leahy LLP was facing a familiar situation: their office lease of 10 years was set to expire in 2020 and due to consistent growth, the firm’s space requirements had shifted and now required a different layout than what their current space allowed. Yet between the uncertainties of COVID and the thought of moving, the team was set to renew in the current building.

The principals had been in conversation with their current landlord and were presented an offer to renew their lease at a reduced rate. While the offer and terms seemed compelling, the team wanted to have an objective and more thorough understanding of the current market for competitive alternatives and market economics, and chose to consult with our team of Midtown specialists.

Within a day, our team presented actionable alternatives in buildings that were both qualitatively more desirable and transacting at net-effective rates of 20-30% below the proposal from their current landlord.

The result?

Our client achieved a deal far more attractive than what was being presented in the renewal:

• Space in a Class-A building
• A brand new installation fully paid for by the Landlord
• The final rental rate for their new space was 17% below their previous Landlord’s best & final offer and was 24% cheaper on a net-effective basis when calculating all the concessions and additional rent charges. 

"Outstanding experience with Noah & Co. Deep knowledge of the midtown Manhattan commercial real estate market. Really helped us to zero in on interesting properties and helped us to negotiate an excellent deal. Highly recommend these savvy real estate professionals."

- Jim Leahy, Principal at Florio & Leahy LLP

Read more about the deal on the Real Estate Weekly Online.