Case Studies: MALIN + GOETZ

MALIN + GOETZ (New York)
Challenge:

Malin Goetz had one and a half years left on their lease. They were outgrowing their space and their building could not accommodate them. They wanted to stay in the area, but the new rent would make it prohibitively expensive to stay. In addition, they wanted space with excellent views. Lastly, they had to have a dog-friendly building.

Action:

Richard Plehn engaged an architect to determine how much space would be required, which turned out to be approximately 5,500 square feet. After an exhaustive search in the Penn Station and Flatiron areas, Richard identified all opportunities, however, the price point did not yield the caliber of building Malin Goetz was looking for. Richard proactively did a zip code analysis to determine how the employees’ commutes would be impacted by moving the search further downtown, which would open more opportunities for Malin Goetz. Richard determined that moving downtown would add an additional five minutes to the employee’s commute. This moves downtown, however, would save significant money on rent and capital outlays. After seeing properties downtown, Malin Goetz found they preferred these buildings: lobbies had 24-hour guard services, landlords offered build-out, and incentives from New York City were available. Concurrently, Richard continued the search in their original area to dig for any new opportunities that might arise.