IBM is expected to soon triple its presence in Union Square in New York. This is because the tech company recently signed a lease for a commercial real estate building’s three floors. The area it will lease spans nearly 27,700 square feet.
The asking rent for the building’s three floors was apparently $80 a square foot. The building itself stands 12 stories tall. The rented space will host IBM’s technology and engineering operations. Prior to the current deal, IBM was subleasing more than 9,200 square feet in a tower from a fantasy sports business, FanDuel. The company also takes up an entire mid-rise that WeWork, a co-working space company, manages.
Other tenants in the building where IBM recently signed a lease include American Eagle Outfitters and Urban Compass, a real estate firm. Sonic Union, a recording studio, also leases space in the building. The property also features retail space spanning more than 9,700 square feet.
Leasing space in a commercial real estate property can understandably be exciting, as it offers a business the opportunity to meet customers’ needs one-on-one and strengthen its bottom line. However, the fine print may end up doing damage to the company’s bottom line if the business owner does not scrutinize what is in the lease agreement before signing it. Fortunately, an attorney in New York can review a potential lease agreement for an aspiring business tenant and even negotiate more personally favorable agreement terms for the business owner. The attorney’s ultimate goal is to make sure that the agreement reflects the business owner’s best interests financially in the long term.
Source: propertyshark.com, “IBM Triples Office Presence in New York City’s Union Square“, Teodora Demian, April 10, 2018