My name is Calvin Gin and I am the CFO of Blue Plate Catering. We had recently worked with Bill Himmelstein of TAG and were incredibly pleased with the success of his negotiation. We brought Bill in after we had negotiated terms for a lease extension direct with ownership. Prior to signing any agreement, we asked Bill to review the terms of our deal. We had negotiated a rent of $18.50 Gross with 3.5% annual escalations. The building was also offering 3 months free rent and a $35 psf work letter to build-out our new space. Bill was confident he could negotiate better terms, and all without costing us anything as the landlord pays his commission.
True to his word, Bill immediately got the building to drop their rate $2.50 to $16 Gross and reduce the yearly escalation to 3%. He was also able to add 2 additional months of free rent and another $10 in T.I. psf. Essentially, his negotiations after we had concluded our direct negotiations added another 22% in savings and an additional 30% of tenant improvement allowance. To confirm this was indeed a fair offer, I had Bill shop the offer around to see if other properties could match or beat it. What we found was that no other building could even get close to what he had negotiated for us at our existing building. It was extremely clear that Bill had gotten us the best offer in the city. Bill is clearly a phenomenal negotiator and knows the commercial real estate market better than anyone else.
We are very thankful we were able to utilize Bill’s expertise to negotiate extremely aggressive lease terms on our behalf.
TAGS