Following its acquisition of Chewy.com in 2017 for $3.35 Billion, Petsmart hired us to handle the disposition of its media office at One Grand Central Place since it planned to consolidate to Chewy.com’s facility in Florida. 

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We listed the space to market as a sublease and generated tremendous interest within the first two weeks, including multiple tours and two offers. 

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Ultimately the goal was to absolve Petsmart of its entire liability, so we reached out to Empire State Realty Trust to get permission to market the space on a direct basis, with the purpose of replacing Petsmart with a new tenant. 

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After an intense marketing period and negotiation we were able to secure a replacement tenant owned by Berkshire Hathaway (an entity even stronger than Petsmart) and negotiated a meager penalty of 10% of the remaining $1.3 million liability as a termination fee. 

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Needless to say, Petsmart was extremely happy with the results that we were able to achieve as it exceeded their expectations. 

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“Your knowledge of/expertise in the NYC real estate market and understanding of our goals were the reasons that we chose Norman Bobrow & Co. The team’s approach to real state services was a refreshing approach and very appreciated...You will be our first call when anything else arises.”

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Frano Milivecic 

Senior Real Estate Manager, PetSmart 

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