Foothold Technology

Client
  • Client Foothold Technology
Space
  • 13,650 sq. ft.
Industry
  • Technology
Locations
  • New York
Services Provided
  • Transaction Management

Client Objectives

Foothold Technology had the opportunity to take advantage of a soft market at the end of 2010 and signed a lease for space in The Village. Fast forward five years the market had more then caught up with itself and rent in The Village, an area of the City with few office space options, had increased by more than 50%. Not wanting to leave this unique part of the city the Foothold team engaged Cresa
to help put a plan into place.

Results

Knowing that Foothold wanted to stay in place long term and having 2 years
remaining on their existing lease the Cresa team put a strategic plan in place
to use the last 2 years of the lease as an asset in a potential lease restructure
transaction at their current location. After agreeing to this plan with the Foothold
team Cresa completed an extensive study of the marketplace to analyze
numerous market lease transactions to find an average current net effective rent
in The Village. Once that was completed the Cresa team looked at the historical
data on that market and came up with a number they felt was significantly below
market, but would still be a good deal should there be an unexpected dip in the
rental rates in this market.
We wanted an office that mirrored our reputation: distinguished, professional and high-quality. From the beginning, Cresa understood our business objectives and what we wanted to achieve. Thanks to them we’ve achieved a substantial increase in the space at our site and are well on our way to buying our future home
Clietn Name  |  Client Title
Cleint Company

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