Rapid Hiring: Outgrowing your office space is a good problem to have.
Category: Expansion
Industry: Financial Services
New York Headquarters: Midtown
Company Size: 11-50 employees
About Triago
Triago provides private equity fundraising, secondary market and strategic solutions for general partners and limited partners seeking to optimize success in the global Private Equity market. Founded in 1992 as one of the first private equity fund placement agents, Triago has completed over 180 fundraisings on five continents and advised on the transfer of more than 3,500 secondary positions in private equity funds. Triago has also undertaken more than 50 strategic advisory mandates for GPs and LPs looking to launch, boost, or restructure PE fund operations.
Client’s Challenges
- Outgrowing Current Space: It is impossible to 100% accurately predict your company’s future headcount. After being in the same space for 7 years, Triago was “bursting at the seams”.
- Multiple Years Left on Current Lease: Triago had about 3 years left on their remaining obligation. Their preference was to not have to sublease the space and become a Sublandlord.
Solution
Two Birds, One Stone
The Office Advisor team’s deep experience in working with Financial Services groups in Midtown Manhattan helped recommend a strategy to Triago that would solve both problems in a single process.
- Stalking Horse: JLL advised Triago to engage the market and tour buildings that were of similar cache to their current address. While New York is a large city, the real estate world is quite small. Word traveled quickly back to their current ownership that Triago was “seriously” considering options outside of the building.
- Leverage Created, Now Execute: After creating the “Stalking Horse” narrative, JLL engage Triago’s current Landlord and put the ball in their court to come up with a solution if they wanted to keep Triago as a tenant in their building.
The Results
- Landlord agreed to expand Triago onto a higher floor in the building.
- Landlord absolved Triago of their remaining obligation of their smaller space.
- Landlord provided Triago with brand-new, custom-built space + 13 months of Free Rent after move-in.
Quote from Matt Swain (Global CEO)
“Dan and Peter at JLL negotiated tirelessly on our behalf to get us an office build from scratch, much appreciated.” — Matt Swain (Global CEO)
