A growing PR firm in Flatiron required additional space to house new hires. The vacancy rate in Chelsea, their preferred neighborhood, hovered around 4 percent. Given the scarcity of suitable premises in the submarket, we were not surprised to learn that after a year of searching, they still had not been able to secure a lease. Matters were complicated by the firm’s existing lease term of three years.
A+M was retained to approach thee space acquisition differently, and produced excellent results. A Cancellation of their existing lease was effected with no penalty paid by our client, and new “off the market” premises were secured via sublease, the commencement of which dovetailed with their existing lease cancellation. With larger, more efficient space for new hires, the firm is enjoying robust growth.