Success Stories

Tenant Representation:

Lower Westchester – Pearson VUE

Abstract:

Admiral was contracted by Pearson VUE, a global computer-based testing company, to find office space in the lucrative upper NYC/lower Westchester area during a national expansion initiative. Pearson had an extremely tight timeline with very specific facility requirements. Admiral conducted extensive research and qualified or disqualified each potential property based on Pearson’s requirements. Of the nearly 45 spaces Admiral initially identified, our detailed pre-qualification resulted in only two properties which fit every client requirement. Admiral worked through LOI negotiations to secure the final space that met all of the client’s operational needs.

CHALLENGES:

  • Communication with the client was limited to telephone calls and emails due to their headquarters being 1,200 miles away. In addition, the client could only visit to tour properties one time.
  • The client had a very short timeline to find and occupy the space.
  • The client’s requirements included only three location areas, a unique layout, multiple on-site parking spaces, ADA-compliant lavatory needs and HVAC after-hours requirements, which eliminated most of the spaces on the market.
  • The client needed a property with nearby public transportation, a difficult requirement to meet as Westchester County’s only option for cross-county public transportation is the Bee-Line Bus system.

Solution:

  • Of the nearly 45 spaces Admiral initially identified in the client’s three location areas, our detailed research and pre-qualification resulted in only two properties which fit every client requirement. In the end, Admiral secured a space in a Class A building that met all of the client’s operational needs, while saving the client significant time and money.
  • Admiral then qualified or disqualified those properties, based on the client’s detailed requirements.
  • The resulting list was presented to the client in a meticulously detailed comparative property report, allowing time for the client to review and comment upon the properties.
  • Once viable spaces were selected, Admiral previewed the properties in advance of the client’s site tour in order to confirm that each property satisfied all of the client’s requirements.
  • Admiral procured competitive offers from each landlord, examined their proposals in advance, and prepared counterproposals. Among other items, Admiral negotiated additional free parking and tenant workletter. Additionally, Admiral clearly detailed the client’s specific HVAC requirements, which helped the client significantly during lease negotiations by having had these outlined in advance.
  • We also helped the client quantify the phase-in of real estate tax reimbursements over the term of the lease, since the property benefitted from a 10-year PILOT (Payments In Lieu of Taxes) program.

Client BENEFITS:

  • Of the nearly 45 spaces Admiral initially identified in the client’s three location areas, our detailed research and pre-qualification resulted in only two properties which fit every client requirement. In the end, Admiral secured a space in a Class A building that met all of the client’s operational needs, while saving the client significant time and money.
  • Admiral then qualified or disqualified those properties, based on the client’s detailed requirements.
  • The resulting list was presented to the client in a meticulously detailed comparative property report, allowing time for the client to review and comment upon the properties.
  • Once viable spaces were selected, Admiral previewed the properties in advance of the client’s site tour in order to confirm that each property satisfied all of the client’s requirements.
  • Admiral procured competitive offers from each landlord, examined their proposals in advance, and prepared counterproposals. Among other items, Admiral negotiated additional free parking and tenant workletter. Additionally, Admiral clearly detailed the client’s specific HVAC requirements, which helped the client significantly during lease negotiations by having had these outlined in advance.
  • We also helped the client quantify the phase-in of real estate tax reimbursements over the term of the lease, since the property benefitted from a 10-year PILOT (Payments In Lieu of Taxes) program.