Headquartered in Tennessee, Bank Director concluded it no longer required their Midtown South offices at 475 Park Avenue South. They hired us to sublease their office space in the midst of the recession, one of the slowest leasing periods in over 20 years. Adding to the degree of difficulty, the building was undergoing a full renovation, including a new façade, lobby and mechanicals.
The property renovation coupled with outdated hallways meant we had to attract a tenant who was not concerned with the ongoing construction and was unlikely to have many client meetings in the space. The fact that 475 Park Avenue South was a Class A property with state-of-the-art technology and that the space had supplemental air conditioning for both the server room and workstation area led us to believe that targeting technology companies would be the best strategy. We began a direct mail and phone campaign aimed at this sector and eventually secured a sublease for the remainder of the term with a Boston based technology firm opening up a NY branch office. Despite the economic downturn, Beilin got Bank Director a very fair market rental and kept their losses to a minimum.