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Eric S. Yarbro
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W&H: Mr.Yarbro, you recently completed a 23,000-square-foot deal for Redeemer's executive offices at 1359 Broadway. What were some factors that ended up sealing the deal?
EY: The $53 million in planned renovations played a big part. The fact that W&H had committed this much money to completely modernize a pre-war building told us they are a responsive owner whose stability would not be in question. Normally, you have to go to a brand new building to get many of the amenities they're planning to offer.
W&H: What was the biggest selling point the building offered?
EY: It was a combination of the rent structure and the renovations that are going to be undertaken by ownership. The location was also a natural fit, because most of their employees come from the West Side. We also didn't find many buildings willing to do a brand new renovation.You have to be careful in selecting an ownership that's not only going to do the renovations, but have responsive managing agents that will take care of all the leasing responsibilities. W&H Properties™ offered both pieces.
W&H: What are some things that drew you to 1359 and, now that the deal is complete, what are your impressions?
EY: We thoroughly investigated the history and reputation of W&H Properties, and everyone we spoke with was unanimous in their opinion that they are a good landlord.We wanted someone who would not only make sure the renovations took place, but that leasing responsibilities were fulfilled.We found working with Newmark & Co., the managing agent for 1359, to be a very straightforward process.
W&H: What would you say was the most satisfying part of the process?
EY: They were very responsive all along the way, in terms of meeting our time frame. From the minute we gave them our construction schedule, they did everything they could to make sure the process was handled expediently. They got an attorney who could move the process along quickly and we worked together jointly to make sure that the deadlines of Reedemer would be met. I would have no hesitation in recommending that anyone looking to do a commercial space deal visit a W&H Properties building.
