I want to thank you again for your outstanding representation of our firm in connection with renewal of our lease. The most recent renewal was especially challenging, with the price per RSF up, vacancy down, and very limited alternatives for attorneys seeking traditional private office space in the current “open space” environment. But the real value you brought to the table was your understanding and appreciation for what would be important in the unique situation we found ourselves this time around – our lease running out at almost the exact same moment that this Class A building was being sold for the first time in decades. You appreciated two factors that meant real money to us. First, you recognized that the new owner had its target price per RSF, and you were able to effectively reduce that through a combination of rent abatement and tenant improvement allowances convertible to rent. Second, you recognized that the building would be reappraised for purposes of real estate taxes, and you negotiated to be sure that our new base rent was tied to the reappraised value. Through these two items alone, you succeeded in saving us tens of thousands of dollars over the course of the lease. We very much appreciate the insight and acumen that led to that result.
So it was just icing on the cake, Dan, when you went to work for us, long after the renewal was signed, sealed and delivered, to be sure we actually received the benefits that had been negotiated for us. You contacted the right people, with just the right style, to get a dispute resolved that might have otherwise consumed a great deal of our time and energy. You gladly threw yourself into that fight, at no compensation, because it was the right thing to do and you knew you could help. That was a class act. Our hats off to you and your team, not just for negotiating the best deal possible, but for following up to be sure we received what was coming to us.
Thanks again for all your help.
Michael R. Simmonds
Simmonds & Narita LLP