Corporate Real Estate Advisors | Tenant Representation

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Overview:

Central National-Gottesman (CNG), one of the largest privately held paper, pulp, packaging and tissue companies in the world engaged Northeast Realty Group to represent them in the evaluation of their occupancy alternatives and lease renegotiation for their Purchase, NY headquarters facility in the Westchester office space market. As the major tenant in building, CNG had key concerns regarding ownership’s future commitment to maintaining and upgrading the building and property. Additionally, as their business had grown there was a need to review departmental adjacencies and maximize operational efficiencies. Upgrades to their space were also needed as they had been a tenant at the location for many years.

Results:

Northeast obtained very favorable terms for CNG after an extensive search and comparison of current market opportunities, and a thorough evaluation of their space needs with detailed space programming and property assessment reportings. We negotiated an aggressive new rental rate and a total concession package in excess of $2 Million which included free rent, cash for space upgrades, space modification construction work, and base building upgrades including new bathrooms and HVAC modification. Options to surrender space and for additional space were obtained and the remaining escalated rental obligation of the old term was terminated early resulting in additional savings.