NASDAQ listed Seven Stars Cloud Group (SSC) has signed a seven-year lease for the entire 19th floor at 55 Broadway with an option to acquire the 18th floor. The firm consolidated several temporary offices to establish their Lower Manhattan headquarters. The landlord is building out the premises on behalf of the tenant. Alan Rosinsky of Metro Manhattan Office Space represented Seven Stars Cloud Group. The landlord was represented by CBRE.  55 Broadway is a 1982 Class A office building. It is located in the heart of the Financial District off Trinity Place. The building is occupied by such other tenant’s as GSA Group, Cancer Research Foundation and Security Mutual Life Insurance. Metro Manhattan worked closely with Seven Stars President Bob… Continue reading

Posted in Notable Leases.
Mistakes Tenants Make

Mistakes when leasing NYC office space can be costly, especially if you are renting in high-demand commercial real estate areas like Manhattan. The New York City commercial real estate market is different from that of smaller cities. The terms and conditions of lease agreements can vary greatly from what small-market lessees are accustomed. Gaining a better understanding of how commercial real estate works in New York City can help business owners to avoid the most common mistakes made in leasing office space in this vibrant metropolis. Learn the Language of NYC Office Space One of the most common mistakes tenants make when considering NYC office space options is not understanding how certain terms and phrases are used within the context of… Continue reading

Posted in Understanding Commercial Lease Language.
Short Term Versus Long Term Office Space Lease

For many commercial tenants in New York City, the decision to sign a short-term vs. a long-term lease is critical. The terms for Manhattan commercial leases generally range from two to 15 years. Because of the costs required to “re-market” a property – including legal fees, build-out costs, and rent lost during vacancy – landlords generally require a minimum two-year lease term. On the other end of the spectrum, landlords are hesitant to sign leases with a duration exceeding 15 years due to uncertainty about future rents. For tenants seeking commercial office space in Manhattan, there are various advantages and disadvantages associated with short- and long-term Manhattan commercial leases. Here are a few points that tenants should consider before signing… Continue reading

Posted in Understanding Commercial Lease Language.
Checklist for Your NYC Office

The location of your business is deeply tied to its success, but finding a new rental space can be complicated. What is the best way to conduct a New York office search? How can you find the best office space in Manhattan? Extending your current lease or seeking to expand the space you rent in your current building are great ways to avoid the costs incurred during a relocation. But if relocation is necessary, there are cost-effective measures you can take to make your New York office search financially palatable. Use the checklist provided below to arm yourself with answers to some of the most important questions. Your New York Office Search Checklist What are your goals for your rental… Continue reading

Posted in Commercial Leasing 101.
Multiple Real Estate Brokers: Help or Hindrance?

Some business owners assume that contacting multiple commercial real estate brokers is better than seeking the services of one agent, thinking that this increases the number of properties they visit. While this makes sense in some ways, it is often not the case, especially in Manhattan. In New York City, all commercial real estate brokers source their listings from one property database, so multiple brokers will often show the same spaces to the same prospective tenant. Commercial vs. Residential Real Estate Landlords, leasing agents and property managers all source their listings from an online database exclusively accessible to professionals in the commercial real estate community. This listing service displays at least 99 percent of New York City commercial listings. Since… Continue reading

Posted in Brokers & Other Real Estate Professionals.