Case Studies: Raj Swim

RAJ SWIM
Challenge:

Raj Swim had a showroom at 1450 Broadway on the 9th floor, which was 4,139 rsf and the term was until February 27, 2021. Raj Swim did not require a showroom in New York. Raj Swim had been marketing the space for over 9 months and the subleasing agent at the time had received no offers. There were a couple of reasons for this, for example – the space was solely marketed to showroom tenants which limited the amount of potential tenants. On top of that, it was a short-term sublease with a lease expiration of February 2022, meaning a prospective tenant would have to most likely move out after the term.

Action:

Woody King and Richard Plehn were retained by Raj Swim to sublease the space at 1450 Broadway
Below are the steps that Woody and Richard took:
1. Redesigned the floor plan in order to appeal to a larger audience (new floor plan)
2. Developed a marketing campaign to the following:
•Tech companies
•Advertising firms
•Architectural firms
•Engineering firms
3. Created the following marketing materials:
•Flyers
•Postcards
4. Relisted the space with CoStar, LoopNet, and 42nd floor
5. Contacted the brokers who had a requirement between 4,000 rsf and 5,000 rsf in the area
6. Sent the flier to the brokers two times a week
7. Called and emailed tenants in the building and in the area
8. Sent a report biweekly to Raj Swim on the following:  
•Report on tenants contacted in the buildings and tenants in the area  
•Report on the brokers who showed the space
•Updated Raj Swim on new availabilities that competed with their space 
9. Created a cash flow showing recovery from subletting the space.