Before renewing, the company had Studley evaluate various opportunities in the market to determine what would be the best for the company. Marc Shapes and Jason Schwartzenberg of Studley evaluated various options for the technology firm.
In a statement, Fred Shen, president of the technology firm says, "We didn't realize that evaluating our lease so early could be as economically advantageous as it turned out to be. It's a win-win for us; we are very content at 417 Fifth Ave. and are grateful that we will be able to remain in our offices for the long term at a pre-determined rental rate." The exact rental rate for the Shen Milsom & Wilke was not released.
Shapes says in the release that given the 7% office vacancy in the area, it was a smart move to keep Shen Milsom & Wilke in the same building. "If staying put is a viable option, it makes absolute sense for the tenants to consider an early renewal/restructuring, as it could prove to be extremely economically beneficial in the long term."
Murray Hill Properties is the 325,000-sf building's landlord and Roxana Girand represented that company.
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