| CitiStreet, a joint operation between Citigroup and State Street Bank, was growing its total Outsourcing Division -- hired CBRE to find and negotiate 30,000 sf on a short-term basis. During negotiations, CitiStreet was awarded additional business changing the requirement to 70,000 for a longer term, needing to occupy in less than four months. They then asked CBRE to negotiate a phased take-down of the space over the course of nine months and initial occupancy. |
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| Oliver Barakat's team was able to quickly change from negotiating a short-term 30,000 sf lease to a five year, 70,000 sf lease. CBRE negotiated the critical phased take-down allowing CitiStree to being rent payments commensurate with hiring new employees. CitiStreet was able to achieve a below market lease rate as well as TI that was generous enough to pay for CitiStreet's data and voice wiring, usually a direct cost to the tenant. |
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