One year after beginning the search for new space, TimesSquare Capital continued to be disappointed by the existing options. The firm was about to abandon the hunt and resign to leasing space in its current building, 1177 Avenue of the Americas. Then, the CBRE team of Ben Friedland and Silvio Petriello entered the scene. Employing unrivaled market intelligence and connections in the industry, the pair unearthed several unheard of opportunities for better space options and increased savings.
Ultimately, TimesSquare signed a ten-year lease at 7 Times Square in a complex multi-party transaction—two tenants were downsized and relocated to different floors in the building, one replacing the other, and Ownership happily signed a new full-floor tenant. The creativity and insight the team brought to the table, along with their propensity to partner with multiple parties to achieve a higher goal, resulted in value creation for all four parties.