Arranging a 25,000 sq ft Expansion

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Client
  • Collibra
Space
  • 25,000 sq. ft.
Industry
  • Technology
Locations
  • New York
Services Provided
  • Transaction Management
Cresa Team
  • Peter E. Sabesan

Client Objectives

The Cresa Team was tasked to arrange a 25,000-square-foot expansion for Collibra at 61 Broadway; increasing its overall footprint to 38,000 square feet. The Belgian-based, multinational data governance firm, which previously occupied 18,000 square feet on two floors of the 786,975-square-foot, 33-story office tower, had initially contemplated a relocation in order to accommodate its rapid U.S. growth. 

Results

Cresa’s New York City office, working with the Cresa Consulting Group Services, was able to provide a comprehensive workplace analysis that culminated in Collibra taking one full-floor at 61 Broadway and maintaining 13,000 square feet on a contiguous floor. The building’s owner, RXR, also agreed to participate in the build-out, as well as in future on-site expansion opportunities. Results  “Our New York City office collaborated with Cresa Consulting Group Services to analyze the most efficient choices for Collibra in terms of relocation costs versus in-place expansion,” said Peter Sabesan, Managinig Principal of Cresa’s New York Office. “It was a prime example of how Cresa’s integrated services can benefit our clients. In addition, we were working with a landlord and leasing team that helped make the entire process a pleasure.” The lease term for the expanded space is eight years with Cresa negotiating an aggresive below market asking rent. Collibra is expected to move into its new space in fall 2018. 

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