Innovation Norway (fka: The Norwegian Trade Council, Division of the Royal Norwegian Consulate General) had trimmed back their staff and no longer needed half of their office space. The installation had high-end Scandinavian custom finishes and outstanding views from the 23rd floor. Since the space was being underutilized, the Consulate wanted to evaluate their options to lower office expenses.
After assessing their options of a relocation and sublease versus staying put and subleasing half of their space, we advised the Consulate that the best and most economical solution would be the latter. We consulted with an architect to determine possible divisions and construction of a second entrance, and then immediately began marketing the space to companies in the area. We attracted a financial firm for the remainder of the term in less than 90 days. The aggregate loss in rent was kept to 15% which the Consulate viewed as a major success.