Not all of the major deals being done at W&H properties involve the largest commercial brokerages. Many top-tier boutique brokerage firms have done deals for their clients at our buildings. Benchmark Properties is a good example. Michael Beyda, the firm's president, has had a string of leasing successes at W&H buildings, including recent leases for Actimize, which signed a full-floor lease at 1359 Broadway, and Parigi, which expanded into the entire fifth floor of 112 West 34th Street, where it now occupies close to 50,000 square feet.
Below he reflects on the Actimize lease at 1359 Broadway:W&H: Mr. Beyda, you recently closed a full-floor deal with Actimize. What prompted you to bring Actimize to 1359 Broadway?
MB: There were a number of reasons to encourage Actimize to focus on 1359. One, the 23,000-square-foot floor plate enabled them to house their entire staff on a single floor. Two, the mix of traditional "corporate" office tenants at the property was appealing. That kind of tenant make-up is rare in the Penn Plaza District.
W&H: What were the leasing negotiations like for Actimize?
MB: Newmark and W&H were able to come up with a creative lease structure that many other owners would not have been able to or been flexible enough to execute. Also, both sides were committed to making a balanced deal, which enabled us to get past any obstacles that came up.
W&H: What are your perceptions of 1359 Broadway as well as the other W&H buildings at which you've done deals?
MB: The buildings have changed so much in the last five years, since the launch of the W&H portfolio. These changes have raised the bar for other owners, and the tenants have really noticed all the improvements. It's clear that W&H has a brand that works and the discipline to stick with their approach.
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Q&A with Michael Beyda, President of Benchmark Properties |
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