![]() ![]() Shortly before the lease was to be signed, Conde Nast swooped in and made the deal with landlord Max Capital, forcing iVillage to find space elsewhere. “In times past you wouldn’t have seen this we’ll-match-them-and-add frenzy.”īut if one deal typified that frenzy, it was last month’s fracas in which thought it had a deal for 106,000 square-feet at 1440 Broadway. Studley, predicts, “The development community will be more focused on wrapping up deals than trying to squeeze the last juice out of the lemon. Stier, executive vice president of Julien J. “Now, if you have a deal with a tenant that makes sense, they’re more likely to get it closed.”Īnd Mitchell S. ![]() Landlords always thought somebody will be coming in and paying more. Jonathan Mechanic, chairman of the real estate department at the law firm Fried, Frank, Harris, Shriver & Jacobson, said the wobbly market “may calm down the frenzy where you have bidding situations on a block of space. The “handshake,” once the favored way of doing business, meant an owner and a tenant agreed on the basic terms of a lease and stuck with them while lawyers worked out details.īut it’s become increasingly obsolete in today’s overheated office leasing scene, in which no deal is final until it’s signed. But it might mean a comeback for the “handshake” deal. EVEN if the stock market resumes its downward plunge, it won’t lead to a real estate collapse like the one of a decade ago. ![]()
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