What I’m Working On Now

Howard Properties, Ltd. | 200 Summit Lake Drive, Valhalla, NY 10595

Ph: (914) 997-0300 | Cell: (914) 629-7364 | Fax: (914) 683-0175

WHAT I'M WORKING ON NOW

My work in progress is an interesting mix as I write this newsletter. I am working on transactions from New York to California, with new clients and ones that I have represented for more than 25 years, with multiple transactions in progress for some of them. Below are some of the highlights.

Let’s start in Westchester. I am representing a new client (referred by an old client) who needs to expand and relocate its office within the County.

I am also working on a lease renewal in White Plains for a 25 year client. And I am at the front end of working with another present client on a renewal of its space whose lease expires in 2028.

I am also working with a law firm client I have represented since 1999 on a long term renewal of its Long Island office.

As part of the renewal, we are taking the opportunity to reconfigure and upgrade the space, part of which we have been occupying for 23 years. Over that time, we had expanded in 5 different tranches from about 4,500 square feet to the full floor of almost 16,000 square feet.

New paint and carpet, new energy efficient lighting, reconfiguring large file rooms into lawyer offices and visiting lawyer offices, expanding the kitchen seating and new bathrooms are all being done at the Landlord’s cost.

I represent a number of law firms, and the age of the lawyers definitely affects how many admins (that used to be called legal secretaries) are needed. The younger the lawyers, the more they are accustomed to doing their own word processing and the more familiar they are with technology. The older lawyers want more support people.

This very much affects how space is designed and the number of support people they need. File Rooms used to take up a lot of space. Now most firms have their files in the cloud and that space needs to be recaptured and used for other purposes in existing space and eliminated in the design of new space. Likewise with law libraries, which long ago were replaced with online research tools.

New Base Years for Real Estate Taxes and a new electric meter will all save money for my client. We did our homework and looked at competing available spaces before we made the decision to focus on a renewal. No moving cost but some work disruptions to my client. A big modernization and reconfiguration of the space to conform with how it is being used now and to make it much more attractive to its occupants and the firm’s clients.

With the same client I am working on a long-term renewal and expansion of its 10,000 square foot space in Los Angeles. I have been working on both transactions for a number of months. I always start on these early to make sure the client has enough time to evaluate its needs and understand the current market and its pricing before a decision is made to relocate or renew. If the decision is to relocate, the lead times for new lease documents, space planning and construction are much longer. We can only make the correct decision if we have enough lead time to either stay or go.

I am working with another client who I have represented for more than 25 years on a building acquisition in Westchester for its headquarters.

This week I also did a walk-through of another client’s space that is the final stages of construction. It is a relocation and a 30% expansion of its headquarters into a 26,000 square foot full floor. This is a referred client, who I represented in a 4,000 square foot office/warehouse lease in the late 1990’s and who I have done a number of renewals and expansions for since.

It is really gratifying to see how much this company has grown and to see its beautiful new space. We hired an architect to help us with programming the space and to get buy-in from all the different departments before any inspection tours took place. That was a heavy lift, but also critical in helping us focus on the best building for their needs and in designing the most efficient space and workflow for the company. This new space, its design and furniture (sit/stand desks for everyone as an example) really reflects the company’s culture and how the departments work with each other. It is in an office building built in 1979 (that is when most office buildings were built in Westchester) and literally everything on the floor is brand new. It sets a great tone for the company and for its employees and customers.

In addition to transactional work, I am always working on client service as there are frequently issues with building services being supplied to my clients as well as estoppel certificates and other paperwork. I am always monitoring lease expirations and talking with my clients well in advance of these dates to determine how their needs are changing or any other issues will affect them in the future so that we know what to look for no less than two years in advance of lease expirations.

"There are ongoing discussions in my industry about AI and how it can be used. Whether It is used in prospecting for clients or summarizing leases or other documents it is definitely a factor in business today.Some tenants are trying to eliminate the use of attorneys to review a new lease by asking AI for lease comments. Landlords do not look kindly on this and it extends the lease negotiation process and is frustrating because AI only responds to tenant prompts that really have nothing to do with the lease document or market norms but instead look one-sidedly for advantages for the tenant with no respect for the business terms of the deal or the landlord’s investment in the space."

Put all this together with building owners who are in the midst of refinancings, or those who do not have the capital to fund the transaction and the construction, and it makes my business very interesting these days. With real available space continuing to shrink due to repurposing and demolition of functionally obsolete office buildings it puts pressure on me to make sure my clients are placed or renewed in buildings that can continue to maintain their quality and services throughout the lease term.

Howard E. Greenberg is President of Howard Properties, Ltd., Valhalla, New York. He founded his firm in 1998 and has 40 years of experience in the Westchester market. He is dedicated to representing commercial tenants in Westchester County, throughout the United States, and in Europe.

He can be reached at (914) 997-0300 or howard@howprop.com.

CONTACT ME TO LEARN MORE

Sincerely,

Howard

Howard Greenberg

200 Summit Lake Drive, Valhalla, NY 10595

(914) 997-0300

howard@howprop.com

howprop.com

CONTACT ME

Email by Solutions for Growth

View as Webpage