What We Offer
Our Services
Tenant Representation in the Office Space Market
Negotiation of Office Space Lease Renewals
Re-Negotiation of an Existing Office Space Lease
Subleasing of Surplus Office Space
Tenant Representation in the Office Space Market
1. Tenant Representation in the Office Space Market
We exclusively represent tenants and are therefore free of the conflicts of interest that arise when the same realtor represents both the tenant and landlord- This is what makes us different from other real estate firms. Conflicts of interest often arise when your broker also works for companies that has formal working relationships with organizations that lease or manage commercial space. When that happens, the broker is invested in favoring spaces in buildings his non-tenant clients manage. This broker will not negotiate fairly for the tenant.
1. Define the considerations: Our realtors will review business plans and objectives with you including existing leases, the general location to be considered, minimum floor sizes, time frames for the project and total space required over time.
2. Develop solutions: Based on the preliminary estimate of space required over a ten-year period, general location and needs particular to your business, our brokers will gather information on sites that meet these requirements.
3. Evaluate the options: In order to develop an aggressive negotiation strategy, our realtors will compare/contrast qualified buildings based on terms offered by the owner and/or the building agent. This detailed analysis will include such basics as cost per rentable sf adjusted by the building loss factors term, lease length, free rent periods, construction time, electric costs, base years for escalations, tax increases, porter’s wage
formulas, direct operating expenses, work allowances, building standard work
letter values, and any other elements for which a dollar value can be assigned. Projections will then be made to determine in today’s dollars the real cost per square foot of each building.
4. Develop action plan: The focus in this phase is to secure the best terms by managing comprehensive, informed offers and counteroffers to the building landlords. Our realtors work closely with your business, its legal advisors, architects and other consultants to develop offers and counteroffers to lease proposals.
5. Implementation: Implement the plan including the aggressive negotiation of the office space lease in conjunction with your Advisors (engineers, attorneys, accountants, etc.). A complete review of the lease document in its final form will be conducted. The focus is to ensure that all stipulations are captured appropriately in the document and to close out any open items.
Attention to details is the hallmark of our service. The firm has built a team of real estate specialists in the areas of commercial brokerage, architecture and interior design, building management, financial analysis, and real estate law. These experts work together to offer our clients an exceptionally broad and well-informed perspective on potential office space leasing opportunities within the highly competitive metropolitan New York real estate market.
If your business selects other firms to provide design and/or other ancillary services, we will work closely with them as members of the project team. Andrews Real Estate Advisors also can recommend and/or negotiate the fees of the members of a team to represent your business in negotiations and in development of detailed requirements. These team members could include:
- Architects
- Real Estate Attorneys
- Mechanical Engineers
- Structural Engineers
- Elevator Consultants
- Mortgage Brokers
- Telecommunications
- Consultants
- Real Estate
- Accountants
Negotiation of Office Space Lease Renewals
2. Negotiation of Office Space Lease Renewals
Andrews Real Estate Advisors offers the service of negotiating the renewal of your office space
lease with your landlord.
It is important to understand that we exclusively represent tenants and are therefore free of the conflicts of interest that arise when the same realtor represents a tenant and that realtor is representing the landlord as agent for properties in the landlord’s ownership. This often is a
problem among brokers who work for real estate firms managing office buildings since their primary loyalty is to the landlord, a situation that will compromise your lease renewal negotiations from the outset.
It is also important to realize that if you try to undertake the task of renewing your lease without the support of a realtor, you will be negotiating in a vacuum without the required market knowledge. As soon as you employ a realtor, you automatically gain the advantage of putting the landlord on alert that you are taking the renewal process seriously and that you have one “foot out the door,” placing pressure on the landlord to give you his best renewal terms.
If you employ Andrews Real Estate Advisers to negotiate the renewal terms of your lease, we will:
- Prior to commencing negotiations, prepare a market overview of the real estate submarket in which are office space is situated to be used as a basis of knowledge. This will provide you with insight into the overall real estate marketplace and includes trends, vacancy factors, rental rates, and development activity.
- Identify all building alternatives having office space comparable to your current office space so as to build a case for rental terms reflecting current market conditions. This will include in-depth financial analysis of the proposed renewal terms and terms for comparable office spaces. The financial analysis will factor in the base rental and term; base rental escalation (i.e., CPI or similar standard); real estate taxes escalation; and utilities costs and other escalations).
- Negotiate tenaciously and aggressively using our market knowledge and financial skills to obtain for you the best possible renewal terms.
Re-Negotiation of an Existing Office Space Lease
Andrews Real Estate Advisors offers the service of re-negotiating an office space lease that is not
imminently due to expire and has significant time left on the term. While many tenants are
complacent about the potential for re-negotiating new terms on their existing lease, re-
negotiation often is feasible, especially in a depressed economy, providing the tenant gives the
landlord an incentive such as leasing additional spaces or extending the lease term. If the
landlord has defaulted in some material way in his performance of the lease, this also could
create grounds for the lease’s renegotiation.
We exclusively represent tenants and are therefore free of the conflicts of interest that arise when the same realtor represents both the tenant and landlord- This is what makes us different from other real estate firms. Conflicts of interest often arise when your broker is employed by a real
estate firm that acts as leasing and/or managing agent for building owners. When that happens, the broker is invested in favoring spaces in buildings owned by his landlord clients. This broker will not negotiate fairly for the tenant. Our tenant brokers have no such conflicts of interest.
Andrews Real Estate Advisers has negotiated over 550 NYC office space leases. It is this
experience and the accompanying expertise that assures a client that an Andrews Real Estate Advisers realtor will provide in-depth market knowledge, solid professional know-how and
negotiating skills, ensuring the client will be obtain the best possible terms in a re-negotiated lease.
Subleasing of Surplus Office Space
Andrews Real Estate Advisors offers the service of negotiating the renewal of your office space
lease with your landlord.
If your firm has excess or unneeded office space, Andrews Real Estate Advisors can represent you in the real estate market in the space’s subleasing. The subleasing of office space is a job for professional, experienced, and highly trained real estate firm. A project’s success is dependent on the implementation of a deliberate and well-planned marketing strategy.
We exclusively represent tenants and are therefore free of the conflicts of interest that arise when the same realtor represents both the tenant and landlord- This is what makes us different from other real estate firms. This conflict of interest often is a problem when brokers work for real estate firms managing office buildings since their primary loyalty is to the landlord, a situation that will compromise your subleasing transaction from the outset.
The foundation of the campaign is our research of demand and competition pertaining to your sublease space, and our intimate knowledge of the marketing of the marketplace so that the marketing effort positions the space for the greatest prospect of success and is aimed at the most promising target audience.
We are members of the largest, most comprehensive commercial multiple listing service in metropolitan NYC so that you may be sure that information about the availability of your office space sublease offering will be made to the entire brokerage community.
When employed by a tenant to sublease office space, Andrews Real Estate Services shall diligently implement the following services to achieve a successful subleasing:
- Establish the terms of the offering as to rental pricing including escalations
- Handle all outside broker inquiries.
- Arrange and conduct personal on-site inspections of office space for all prospective tenants.
- Review and make recommendations to the ownership on every offer received.
- Negotiate favorable lease terms, terms and conditions with all prospective subtenants whether brought in by Andrews Real Estate Advisers or an outside broker.
- Arrange for the services of architects and space planners if required.
- Continually monitor market conditions in order to adjust modify rental strategy when and where appropriate.
- Maintain contact with ownership on progress of the subleasing rental program. Prepare periodic written reports on the marketing activity.
- Cross check and verify the financial status and capacity of prospective subtenants.
- Provide comparative financial analysis of competitive offerings.
- Negotiate on behalf of the tenant along lines agreed upon with the tenant with the objective to achieve the best possible rent and terms
- Arrange for the proper execution of documents when acceptable terms have been negotiated.
