MONEY MEDIA

Money Media publishes newsletters for mutual fund managers and directors of public corporations. They were located on East 43rd Street. Their lease was expiring and they needed to expand, but there was no space left in their building. They started inspecting space with a number of real estate brokers. None of the brokers represented their interest and they never felt confident that they were being fully informed. As a result, they decided to hire an exclusive broker. They interviewed a number of brokers and chose G.E. Grace & Company, Inc. At this point, they had little time before their lease expired.

We noticed that they had searched property in a non-systematic manner. We reviewed all the properties they had inspected and suggested spaces that may have been overlooked. Because they were “value driven,” they were looking for a good location in Midtown or Midtown South, but wanted space that fit their budget.

We found several spaces for them. We fully informed them of the costs and benefits of each property. We built trust by keeping the client fully informed. One space was previously occupied by an Internet company on 20th Street. This space required renovations, but it fit Money Media’s requirements. They preferred a space on 40th and Broadway. The landlord offered to build this space to suit at a rental rate equivalent to the rent at 20th Street. They chose 40th Street and were able to move-in on time, on budget, in a great location at a cost less than space in an inferior location.   [SEE TESTIMONIAL]   [BACK TO TOP]

CITIBANK, NA

As a result of a loan default, Citibank foreclosed on a 79,000 square foot shopping center, Amboy Plaza. The property located in Staten Island, New York was 20% vacant. The plan was to get the property 100% leased and market it for sale. After hiring a number of real estate brokers to lease the property over a five-year period, Citibank chose G.E. Grace & Company, Inc. We realized immediately that the national brokerage companies they had hired did not give the property the attention it required.

We implemented a marketing plan, which included contacting local and national tenants and their brokers. We highlighted the value of the property by emphasizing the demographics of the area and the rapid population growth. Retailers, including Eckerd Drugs, Dunkin’ Donuts and several local companies, responded immediately and within 6 months we had leases pending for all the available space. The building is now 100% leased for the first time in its history.   [SEE TESTIMONIAL]   [BACK TO TOP]

METAMATRIX, LLC

MetaMatrix started with two founders during the late-90’s internet boom. Unlike many companies founded in that period, MetaMatrix thrives today. They kept track of their bottom line, including their real estate expense. MetaMatrix expected rapid growth and they needed space to accommodate this at the appropriate price. G.E. Grace & Company, Inc. was able to find a short-term sublease with a subsidiary of Moody’s Investor Services. The company grew to twenty employees in the space. After several years, that lease expired and again G.E. Grace & Company, Inc. was able to find them another sublease in a premier property in lower Manhattan. We placed MetaMatrix in another sublease (a Class A building at under $20 per rentable square foot). Each time, MetaMatrix was able to take advantage of another company’s space (sometimes including furniture and phones) at a large discount to market rents.

Today, MetaMatrix has developed its product, built an enviable client list, experienced rapid revenue growth and has became a portfolio company of a premier venture capital firm.   [BACK TO TOP]

CHILDREN’S AID SOCIETY

Children’s Aid Society was deeded a very large property in New York City over 80 years ago. The property was actively used for many years for Society programs. However, over the last few years, the property has served a limited population as the focus of many of the programs has shifted to other areas. The Society wanted to determine the optimal use of the property based on the present zoning and its value. In conjunction with the Communecon Group, we hired an architect and zoning expert who provided the data to determine the development potential and economic viability of the site. Based on our initial analysis, the Society was able to undertake a larger and more detailed evaluation of the property, the potential purchasers, and the impact of a potential sale on the local community.   [BACK TO TOP]

REPRESENTATIVE ASSIGNMENTS

Tenant Representation

• Exclusively represented Gilford Securities, Inc. in the relocation of their firm to 777 Third Avenue. [SEE TESTIMONIAL]
• Exclusively represented Money Media, publisher of Fund Fire, Board IQ, Agenda, Ignites, Base and Bonus and Outstanding Directors. Re-hired to negotiate an expansion. [SEE TESTIMONIAL]
• Exclusively represented Altanes, LLC, a money management firm, in two separate transactions. [SEE TESTIMONIAL]
• Exclusively represented HoneyBee Robotics, Inc. developer of the rock abrasion tool (RAT) for NASA. The RAT was sent to Mars where it successfully removed dust and Martian rocks for further analysis. [SEE TESTIMONIAL]
• Exclusively represented NYC Health & Hospitals Corp. space search and lease negotiation for a 180,000 square foot lease renewal after a review of 40 buildings
• Exclusively represented Sensormatic Electronics a division of TYCO in 4 leasing/sales transactions including over 40,000 sf of office and industrial space [SEE TESTIMONIAL]
• Exclusively represented DualStar Technologies Corp. in purchase of industrial property and acquisition financing in Long Island City
• Exclusively represented MetaMatrix 5 times from the company’s inception
• Exclusively represented three not-for profit law firms in leasing office space in 7 separate transactions: Appellate Advocates (11,000 sf) and Center for Appelate Litigation (7,000 sf) each in an initial lease, lease expansion and lease renewal and New York County Defenders (15,000 sf)
• Exclusively represented a law firm, Mahoney & Keane, in 5 transactions over 17 years
• Exclusively represented Group Health Dental Facility (10,000 sf) renewal for a large dental practice
• Represented McDonalds Corp. in a retail lease on Chambers and Washington Streets in Tribeca
• Represented Soho Medical Practice 12,000 sf of retail space in Soho   [BACK TO TOP]

Consulting Assignments

• Consultant to the Empire State Development Corporation’s 42nd Street Development Project in the acquisition of an 80,000 square foot site in Midtown Manhattan. The site is the future home of The New York Times
• Consultant to Teamster’s Local 810 to evaluate the rental value of space occupied by the union
• Consultant to Children’s Aid Society in evaluating the disposition of a large development site for single-family houses. The analysis required hiring a surveyor to determine the exact topography of the site and an architect to create a proposed development plan   [BACK TO TOP]

Owner Representation and Subleasing

• Exclusive Agent for Citibank, NA to lease Amboy Plaza, Staten Island, NY (a 79,000 sf neighborhood center anchored by Waldbaum’s). After an intensive marketing campaign, the center is 100% leased for the first time in its history [SEE TESTIMONIAL]
• As Owner’s exclusive agent, Metropolitan Life renewal of 66,000 sf at 72 Eagle Rock Road (Reckson Real Estate Investment Trust), East Hanover, NJ.
• Exclusive agent for Oak Tree Capital Management for part of the former Barney’s retail space purchased in a bankruptcy sale. The properties included 132 and 136 W. 17th Street and 224-226 W. 18th Street. We leased the available retail space and sold the properties to a developer
• Exclusive Agent for 21 E. 40 St., 290 Madison Ave., and 292 Madison Ave., a combined complex of over 300,000 sf. The buildings were approximately 70% leased when we were originally appointed exclusive agent. When sold, occupancy was 97%
• Exclusive Agent for 15 Park Row, the tallest building in the world when initially constructed. It is the home of J&R Music. Within eight months, occupancy more than doubled
• Exclusive Agent for 1 Blue Hill Plaza, a 1.2 million sf facility in Rockland County. Increased occupancy by over 20% within one year and renewed the major tenant, Verizon   [BACK TO TOP]