As commercial real estate markets begin to tighten, Venable's New York City office is part of a growing trend that involves converting subleased space into long-term, direct leases. Subleasing allows tenants to lock in below market rents, while landlords use them to attract tenants and then convert the leases into direct deals after the sublease expires.
When Venable's original sublease was signed in October 2007, the firm had only had a presence in New York City for a few years. According to Edmund M. O’Toole, the sublease to direct lease transition was a perfect fit because "a sublease was a nice way to be conservative about our growth options while still committed to a presence here."
Currently, Venable's landlord, Tishman Speyer, is providing the firm with two floors of temporary space while the office undergoes a multimillion dollar renovation expected to be completed by November.
When Venable's original sublease was signed in October 2007, the firm had only had a presence in New York City for a few years. According to Edmund M. O’Toole, the sublease to direct lease transition was a perfect fit because "a sublease was a nice way to be conservative about our growth options while still committed to a presence here."
Currently, Venable's landlord, Tishman Speyer, is providing the firm with two floors of temporary space while the office undergoes a multimillion dollar renovation expected to be completed by November.