Commercial Real Estate & Advisory

Real Estate Market

March 5, 2003

When the deal suddenly fell through to move the staff of BlueSentinel to the venerable Woolworth Building near City Hall, the research and consulting firm had to act fast to find new space.Not only did the 12-employee firm manage to pin down a new location at 90 William Street in near-record time, but the company also shaved 27 percent off the annual rent it had been paying at 304 Park Avenue South by taking advantage of pre- and post-Sept. 11 financial incentives to move downtown.”In only three weeks, we were able to find the finished space, and negotiate and finalize the lease,” said Michelle Stone of Sinvin Realty Corp., who represented BlueSentinel in the fast-track transaction. “Because 90 William had been ‘plug-n-go’ building whose purpose was to move tenants into finished space quickly, they were able to proceed faster than other buildings in the area.”BlueSentinel’s 3,000 square feet on the fourth floor includes finished office space, a conference room and a large built-in kitchen with granite countertops, Ms. Stone said.The five-year lease, with a rent of about $26 per square foot, was signed last month.Thomas E. Charbonneau, of counsel at Chadbourne & Park, represented BlueSentinel.In-house counsel, Michael Khodadadi, represented the landlord, The Moinian Group. Elizabeth Houley of Newmark & Co. Real Estate acted as the landlord’s broker.