Case Study :: MDM&C
|Deal Name: MDM&C – Newark Lease
Deal Type: Lease – Tenant Rep
Property Use: Office
Industry Type: Legal
Seller/Lessor: The Berger Organization
Buyer/Lessee: Mcelroy, Deutsch, Mulvaney & Carpenter, LLP
Term Of Contract: 138
Property Information: 570 Broad St., Newark, NJ 07102
Total SF/Acres: 19,257 SF
Total Consideration: $3,851,400
Rent/SF: $20 / Gross
– MDM&C had an expiring lease at a Gateway building in Newark, NJ and did not want to renew.
– MDM&C objective was to find a more economically viable lease option in Newark
– TGG aimed to take advantage of the redevelopment market in Newark to provide client with a more economically feasible lease.
– lock in MDM&C for a long term lease at a significant discount from their current lease rate.
– retrofitted an older , redeveloped building in the same general location of Newark.
– leased penthouse floor plus most of the 14th floor
– negotiated a rate that was half of their previous rate + one year free rent + free parking with 24hr security with direct access to the building.
– negotiated naming rights at the top if the building.
– MDM&C will move in during the fall of 2014, when present lease expires.