“A Matter of Fiduciary Responsibility”

The first step we took was to put together a real estate team that would assume all responsibility for the process leading up to the recommendations and final decision. In addition to the Andrews Real Estate Advisors realtors, the team included an architect, real estate attorney, and The Hallwood Group personnel.

The team studied The Hallwood Group’s overall space requirements. They analyzed the firm’s needs for communication systems, computer equipment, HVAC, and various other office systems. They considered the firm’s budget as well as its desire to uphold a particular image and project a certain amount of prestige. Requirements such as good light and executive office views were among the numerous requirements also taken into consideration. In the end, the team arrived at several options using detailed financial projections of the rental costs. One midtown space⎯which The Hallwood Group selected as its first choice⎯was negotiated to only $60 per square foot.

At Andrews Real Estate Advisors, however, we are always keenly aware of our fiduciary duty to our clients. As a result, despite the fact that a deal was close to consummation after an exhausting space search and many rounds of negotiations, we continued to inform The Hallwood Group of new opportunities in the marketplace. And even though the company had set its sights firmly on midtown, we presented several downtown locations priced at $20 lower per square foot.

Our approach paid off. The best location turned out to be in a downtown building that had housed some of the executive and trading functions of a financial firm. A long-term sublease was negotiated and the deal was closed.

Our approach paid off. The best location turned out to be in a downtown building that had housed some of the executive and trading functions of a financial firm. A long-term sublease was negotiated and the deal was closed.