Case Study Hills, Betts & Nash LLP

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Challenge Optimizing a law firm's office lease

Hills, Betts & Nash LLP's Ideal Space

  • Their current space - with better terms!

Optimizing your office lease – Now’s the time

The COVID-19 pandemic has brought about many challenges for industries everywhere. One of the biggest questions for businesses with office based workers, is how to optimize their office lease to better reflect the reduced numbers of workers visiting the office, or to make up for the period of time employees were unable to go into the office. 

Now that office buildings have reopened and employees have started to return to the workplace it has brought about a unique opportunity for commercial real estate tenants. Tenant brokers like SquareFoot’s Jeff Hersh are focused on helping their clients capitalize on the existing market. Jeff’s clients, Hill, Betts & Nash LLP were in an ideal position to make the most of what is very much an advantageous office market for office space tenants.

Jeff worked with Hill, Betts & Nash, a full service law firm located in NYC, to find their office space at 14 Wall Street back in 2015. The company’s lease was due to expire in a year, and happy with their offices, negotiating a favorable lease renewal was the ideal situation. 

The Solution

  1. 01 An early lease renewal
  2. 02 20% off rent for each year going forward
  3. 03 Landlord commitment to space improvements

Great savings – and other concessions!

For many companies like Hill, Betts & Nash, who would be considering a lease renewal at the end of their term, there is currently a window of opportunity to get financial benefits right now in addition to saving money on the lease renewal going forward. In addition, Jeff’s longstanding relationship with the landlord of the property helped in leveraging the successful outcome of the deal. 

Jeff was able to save the law firm an immediate 20% off their rent for the remaining 12 months of their current lease. He was also able to negotiate a saving of 20% which carries forward every year for the life of the renewal. To seal the deal, the landlord has committed to enhancing the space, by redecorating the unit.

Renewal savings illustration

Get unbeatable deals on your office space today

As a tenant in the current commercial real estate market, you are in a great position. If you like the office space you are in, a tenant broker is able to leverage business relationships and market knowledge to find unbeatable deals. If you are not happy with your existing space, there are also many opportunities to capitalize on finding the right new space at lower rental rates and with COVID lease clauses. Get in touch today for any questions you may have about your commercial lease.

 

 

 

 

 

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To learn how you can renegotiate your current office lease, get in touch via the form below.