Facing a late 2022 lease expiration, Honest Networks urgently sought new office space for their growing telecommunications services. Metro Manhattan represented Honest Networks in their search for a new office. By comparing the economics of relocation, assessing functionality, and scrutinizing amenities across different spaces, we ultimately helped them secure a captivating loft-style office within an impeccably maintained building at 15 Maiden Lane, nestled in Lower Manhattan’s vibrant Financial District.
We encountered various challenges and successes throughout the process, which we’ll discuss in this case study. Additionally, we offer insights into identifying potential spaces, assessing their suitability, and skillfully negotiating lease terms.
The Search for a New Space
Client Background
Honest Networks offers business and consumer telecom services by placing their antennas and networks in various buildings throughout the city. However, despite being an emerging yet formidable contender against giants like Verizon and Spectrum, they needed office space for their executive team. Furthermore, they needed a compact storage area for their telecom hardware and required an accessible location for their technicians to reach clients and expand operations.
A History of Success
Our firm has had a long-standing relationship with Honest Networks, having represented them on two previous occasions. Firstly, we facilitated the acquisition of their initial office space at 11 Broadway in late 2020. Later, in late 2021, we helped them with their lease renewal at the same location.
As Honest Networks continued to grow and expand its services, it approached us once again to assist in its search for a new office space.
The Search
Establishing the Client’s Needs
In the latter part of 2022, our firm had the pleasure of working with Honest Networks again to assist them in their search for a new office space. Our first step was collaborating closely with Landon Tucker (CEO) and Aaron Pullin (CFO) to determine their specific requirements. Then, we attentively addressed their needs: public transport proximity, competitive pricing, and a charming B building with a staffed lobby. Moreover, they sought a landlord allowing occasional equipment pickups, private offices, a conference room, and government incentive access. Ultimately, these incentives contributed to overall cost reduction.
Touring Potential Properties
With a clear understanding of Honest Networks’ requirements, our team worked diligently to identify potential properties in Lower Manhattan and The Garment District. We took great care to present properties that would meet their requirements and align with their unique company culture and values.
Our team researched available space and identified several properties in both the Garment District and Lower Manhattan and accompanied Honest Networks on property tours of those locations. Of the properties visited were 247 West 35th Street, 545 Eighth Avenue, and 55 Broadway.
Ensuring a Positive Outcome
During the three-month search, we sustained transparent communication with Honest Networks, sharing new space details and informing them about leased properties.
Aaron and Landon gave feedback on each property, evaluating spaces, common areas, locations, and potential deal terms. They made themselves available to tour potential properties and provided valuable insights into each space. By working collaboratively, we ensured that the properties we presented were suitable for their business needs and aligned with their unique vision and values.
The Winning Choice: 15 Maiden Lane
After an extensive search, Honest Networks chose 15 Maiden Lane in Lower Manhattan for their new office space. This unique loft building perfectly aligned with their company culture and offered extra-high ceilings and exceptionally maintained common areas. Moreover, the building had appealing touches that set it apart like original tile corridors and artwork.
Carefully coordinating with Honest Networks allowed us to secure a competitive lease aligned with their specific requirements. Furthermore, the landlord’s Leasing Administrator, Edny Medor from Relide Realty Co LLC, took a hands-on approach and was easy to work with. Relide Properties, a non-institutional landlord, provided a clear and simplified process by streamlining decision-making.
Two crucial factors contributed to selecting 15 Maiden Lane as the ideal location. First, was unparalleled access to public transportation, particularly with the nearby Fulton Transit Center opening. Second, was affordable rent and eligibility for enticing government incentives of $2.50/SF per year throughout the 3-year lease period. The lease encompassed a partial 11th floor, spanning 2,615 SF, and was set to commence on December 1, 2022.
Unique Features of 15 Maiden Lane
15 Maiden Lane is a loft building offering rare character and charm to commercial tenants seeking Downtown Manhattan space. The building boasts extra-high ceilings measuring up to 12 feet. In addition, exceptionally maintained common areas showcase artwork and original tile floors, providing a welcoming atmosphere for tenants and visitors. Above all, as an owner-managed property, the landlord is attentive to tenant needs and provides a high level of service.
15 Maiden Lane is in the bustling heart of the Financial District, surrounded by several popular restaurants, cafes, and retail stores. Moreover, it’s conveniently located near major subway lines. The 2, 3, 4, 5, A, C, J, and Z subway lines are a short walk away.
A Collaborative Effort
Emphasizing Positive Relationships
The successful acquisition of 15 Maiden Lane for Honest Networks resulted from strong collaboration and maintaining positive relationships with all parties involved. The landlord’s agent, Edny Medor of Relide Realty Co LLC, played a crucial role in the negotiation process. Medor’s responsiveness and willingness to offer competitive terms helped secure an advantageous deal for the landlord and tenant.
Focusing on the Tenant’s Accomplishments
With their commercial real estate expertise, Honest Networks displayed exceptional professionalism, dedication, and astuteness. Their clear objectives and determination to find the perfect space enabled our firm to effectively target properties meeting their distinct needs. Additionally, Landon Tucker (CEO) and Aaron Pullin (CFO) spearheaded the search and contributed to the negotiations’ successful outcome.
The Importance of Teamwork
The Honest Networks and 15 Maiden Lane case exemplifies the value of teamwork and collaboration among all parties in commercial real estate transactions. By prioritizing open communication, mutual respect, and understanding everyone’s needs, our firm facilitated a positive outcome for all involved. Consequently, the cooperative effort secured Honest Networks’ essential Manhattan presence. With a guaranteed lease for three years, they can now focus on operations, having effectively addressed their real estate needs.
The Key Takeaway: A Success Story
Through effective collaboration, open communication, and a keen understanding of the client’s needs, our firm was able to help Honest Networks find the ideal space at 15 Maiden Lane. This well-located and distinctive property will allow the company to continue thriving and competing with the larger players in the telecommunications industry.
