EDGEWATER MARKETS LLC
Edgewater Markets LLC (“Edgewater”), the leading non-bank liquidity aggregator/distributor in the global FX markets, was headquartered in The Chanin Building in New York City. Having recently received a new round of financing, Edgewater was looking to double in size and appointed InterRelate Group to survey the midtown office market to locate space and negotiate a long-term lease in a state-of-the-art property near Grand Central Station.
Course of Action
We conducted an extensive search and identified a long list of viable options. Working collaboratively with Edgewater’s leadership team, we visited a dozen potential locations across the Grand Central submarket. Two properties emerged that suited Edgewater’s business model and represented the company’s ethos, value and culture. We initiated negotiations with the landlords of each.
InterRelate effectively created competition between the two opportunities and negotiated extremely favorable transaction terms from both properties. We provided Edgewater with detailed cash flows analysis, so the principals of the firm could better assess their options. After weeks of exhaustive negotiations, and after comparing location, aesthetics, amenities, and occupancy costs, Edgewater’s principals decided to lease space at 10 East 53rd Street, a high-end redevelopment. Key factors that influenced the decision were that the landlord provided a complete build-out per Edgewater’s requirements using above-standard features, 10 East 53rd Street is a side-core building with efficient floor plates, the property offers several high-speed internet providers, and the property has great amenities, including a gym and coffee shop.
InterRelate’s vast experience and in-depth market knowledge allowed Edgewater to secure a space that maximizes its workplace flexibility and productivity in a cost-effective manner.