CCN Corp. is an executive recruitment firm that was located in a townhouse just off Park Avenue South. Too much wasted space from the townhouse’s multiple floors and unconventional layout made the installation inefficient for CCN’s needs. They desired a large open area to consolidate their staff and, for the firm’s president, a location with convenient access to Penn Station. Additionally, the attractive rental of the townhouse had been, and remained, a key factor. The challenge was to find a unique environment to match the company’s unconventional style within a moderate budget.
After a search of over two dozen properties, we focused our negotiations on 404 Park Avenue South, where an international commercial furniture showroom was subleasing their entire floor. The showroom had invested over $125 per square foot on their installation, which included high-end finishes, polished concrete floors and a gourmet kitchen along with their signature-line workstations. CCN was able to acquire an exceptional, turn-key installation while capitalizing on a sublease that was 20% below market rate.
Additional Assignment: Sublease