Marulli, Mannarino & Erichsen, an established insurance defense law firm in New York City, reached a defining moment. Outgrowing its temporary post-pandemic office at 175 West Broadway, the firm searched for more than just a new location. They sought a space to catalyze team collaboration, elevate client engagement, and accommodate their expanding practice. With an ambitious plan to relocate by early 2024, the search began in June 2023, and we at Metro Manhattan Office Space were with them every step of the way.
Our mission extended beyond the typical parameters of square footage and lease terms. We took on the challenge of aligning Marulli, Mannarino & Erichsen with an office space that not only fulfilled their practical needs but also resonated with the essence of their brand. This case study showcases how we worked with them to find a space reflecting their professional identity and future ambitions.
Background Information
Marulli, Mannarino & Erichsen is a law firm with a unique niche in New York City’s legal scene. As they prepare to transition from their current home at 175 West Broadway by the end of Q1 2024, this move is more than a change of scenery; it’s a strategic leap toward future growth and enhanced teamwork. Let’s review some background info on the tenant and what they sought in a new office.
Tenant Profile: Marulli, Mannarino & Erichsen
With a sharp focus on insurance defense, Marulli, Mannarino & Erichsen stands out by skillfully defending those often less visible in a field dominated by personal liability firms – physicians and insurance companies.
Initial Requirements and Considerations
Marulli, Mannarino & Erichsen’s initial requirements were as unique as their practice. Collaborating closely, we tailored every search detail to align perfectly with their evolving needs.
- Office-Intensive Layout: The firm envisioned a layout designed to boost the productivity of its partners, associates, and paralegals. Importantly, they sought natural light in the offices, aiming to create a more pleasant and efficient work atmosphere.
- Strategic Location: Proximity to City Hall and nearby courts was a top priority. This was more than convenience; it was about staying connected to the city’s legal pulse and ensuring easy access to New York City’s courts.
- Functional Design: The new office had to be more than just a space. It needed to encourage teamwork and collaboration, while also providing private areas for client meetings and confidential discussions. Marulli, Mannarino & Erichsen aimed for a location that would satisfy their logistical requirements and elevate their practice.
The Search for the Ideal Office
Marulli, Mannarino & Erichsen’s search for a new office was both exciting and demanding. They explored many options, but only one stood out.
Exploring Options in the Financial District and Beyond
Marulli, Mannarino & Erichsen initially explored spaces in The Financial District due to its affordable Class A office space, which offers a blend of professional prestige and practical amenities. However, these locations were too far from City Hall’s courts, crucial for litigation firms. A standout choice emerged with 299 Broadway. This property not only provided easy access to the courts but also had a layout conducive to maximizing the number of windowed offices. With its increased number of windows, the corner space was particularly attractive, aligning well with the firm’s functionality requirements and identity.
Landlord and Building Overview
Olmstead Properties, known for maintaining pristine loft and office buildings in areas like Chelsea and Tribeca, is the landlord of 299 Broadway. They are renowned for their quality-focused real estate approach, skillfully blending historic charm with modern amenities. Marulli chose Suite #605 at 299 Broadway, a space that Olmstead will custom-build. They also offered architectural planning services to Marulli to ensure an efficient layout.
Why 299 Broadway Stood Out
299 Broadway stood out not just as another City Hall office building but as a location that resonated with the firm’s needs and aspirations.
Location and Accessibility
The proximity of 299 Broadway to City Hall courts was a game-changer. For a law firm like Marulli, Mannarino & Erichsen, having easy access to the courts wasn’t just convenient; it was essential for their day-to-day operations. This strategic location, coupled with its accessibility to public transportation, made it an ideal choice, facilitating quick and efficient movement for both the firm’s lawyers and their clients.
Building Features and Landlord Flexibility
299 Broadway stands out not only for its prime location but also for its blend of features and flexibility that fit the firm’s requirements. This building combines modern amenities with a harmonious mix of classic and contemporary architecture, creating a professional yet inviting atmosphere. Key amenities include 24-hour access, an on-site property manager, a restaurant, a beautifully renovated lobby, and seven high-speed elevators. Furthermore, the building’s proximity to various transit lines like the Chambers Street and City Hall transit stops enhances its accessibility.
Recognizing the firm’s specific needs, Olmstead Properties showed remarkable flexibility. They offered comprehensive architectural planning services, including the filing of plans, obtaining necessary permits, and undertaking the build-out of the space. This commitment allowed Marulli, Mannarino & Erichsen to benefit from a customized office environment tailored to their unique workflow and culture.
Tenant Mix
The tenant mix at 299 Broadway added considerable value to Marulli, Mannarino & Erichsen’s decision. The building is home to notable tenants such as NYCJA, William Vitacco Associates LTD, Wilkofsky Friedman Karel & Cummins, and United Lawyers Service, among others.
Finalizing the Deal
We helped with the negotiations between Marulli, Mannarino & Erichsen, and Olmstead for their new space at 299 Broadway. The end result was a win-win lease agreement, and here’s why:
The Negotiation Process
Marulli, Mannarino & Erichsen, together with Olmstead Properties, efficiently negotiated the lease for their new 299 Broadway location. They focused on key terms such as rent, annual increases, energy costs, and the security deposit. However, the main challenge lay in finalizing the build-out plan.
To address this, Marulli and Olmstead’s architect collaborated closely. Their goal was to design a layout that effectively utilized every square foot and maximized the available space. Furthermore, Olmstead showed flexibility by accommodating Marulli’s needs. They added 200 square feet from an adjacent space, ensuring a practical and mutually satisfactory lease agreement for both parties.
Final Lease Terms
The culmination of these negotiations was a mutually beneficial agreement, resulting in a space designed for both immediate functionality and long-term success.
- Lease Agreement: 7-year lease at a favorable rent rate.
- Location Value: Rate reflects the prime location and the customized nature of the space.
- New Building Installation by Olmstead Properties: Landlord will build out five offices, a conference room, a wet pantry, and a document storage room. This development includes the installation of standard building carpet, a new HVAC system, and pendant lighting fixtures.
- Total Space: Approximately 2,505 square feet in Suite #605 and an adjacent area with the potential to lease supplemental basement space for document storage..
Marulli, Mannarino & Erichsen’s Future Steps for the Move
With the lease for 299 Broadway finalized, Marulli, Mannarino & Erichsen set in motion their plans for the move. This move, planned for the end of the first quarter of 2024, aimed not only to change their office location but also to make sure their services remain uninterrupted.
- Timeline Coordination: They plan to schedule the move to coincide with the beginning of their new lease, aiming for a smooth transition into the new office space.
- Pre-Move Preparation: Marulli has a few essential steps they need to complete before moving into the new space. These steps include hiring a moving company and an IT service provider, along with purchasing new furniture and securing liability insurance.
- Phased Implementation: Organizing the move in stages, they prioritized essential operations to minimize disruptions to ongoing cases and client services.
- IT and Communications Setup: They will need to focus on setting up the IT infrastructure to ensure all communication and data systems are operational from day one.
Final Words
Marulli, Mannarino & Erichsen’s move to 299 Broadway signifies more than just a relocation; it’s a pivotal decision that will influence the firm for the next 7 years, and potentially even longer if they renew their lease. For this New York City law firm, their new office marks the beginning of an exciting chapter. It’s a period characterized by growth, collaboration, and enhanced client interactions.
Moreover, this relocation showcases Olmstead Properties commitment to tenant satisfaction and excellence. Their flexibility in offering a customized turn-key buildout on the space over a 7-year lease speaks volumes about their tenant-first philosophy.
As the brokers involved, we were thrilled to participate in this successful partnership. It’s a win-win: Marulli, Mannarino & Erichsen’s presence in the legal world grows stronger, and Olmstead continues to build their reputation as a landlord that provides a high level of servic. This deal is a prime example of how teamwork and understanding in real estate can lead to optimal outcomes for everyone involved.
