Optimal retail space in NYC.
The International Gemological Institute (IGI) is the largest independent gem grading and appraisal institute in the world, renowned for their expertise and extensive experience in serving the diamond and jewelry industry for over 25 years. With locations in the key gem and jewelry markets of the world, including Antwerp, Bangkok, Mumbai, Tokyo, its New York requirements alone topped 25,000 square feet.Convinced that it would be required to pay upwards of $55 per foot to renew in place, IGI hired Norman Bobrow & Co. to begin a search for alternatives. We found suitable spaces at 529 and 535 Fifth Avenue, in addition to pursuing a renewal lease at 589. We went through many, many offer-counteroffer cycles, calculated many lease projection scenarios and attended many heated negotiating sessions. We were ultimately able to secure for IGI a deal in their existing premises for only $45 per square foot.
Remarkably, we were also able to negotiate a cash contribution of $976,000 from the landlord, eight months free rent, and an additional 475 square foot office suite free of charge.
This was a far cry from the tenant's original expectations. By the time the dust settled, we had secured for them savings and concessions totaling over $4.3 Million.