The ownership team of Bradley and Kenneth Fishel of Renaissance Properties has announced that new leases signed will contain a provision allowing rent relief in the event of a future pandemic shutdown.“Tenants shouldn’t fear signing new leases due to a future stay-at-home order. These lease provisions will provide comfort that they won’t have to continue to pay full rent for space they can’t use,” states Bradley Fishel, Vice President.
Under the lease provisions that Fishel provides, in the event a stay-at-home order is issued by the government, the first month of the order results in a 50% reduction in the rent, and the second month a 75% reduction. Thereafter all rent is abated until the stay-at-home order is lifted.
The Fishels have been busy adapting their portfolio of office buildings to the new reality of office leasing. “The best way to lease space is to fully comply with all scientific recommendations” states Kenneth Fishel, President. “We have outfitted our historic properties with the best sanitizing equipment the industry has to offer. Our air conditioning systems have both MERV-13 filtration and ultraviolet lighting within the ductwork. But the most important attribute we offer are operable monumental windows throughout all spaces allowing cross ventilation of fresh air. And all our properties have fully fitted out roof decks,” states Fishel.
Their efforts have borne success in leasing in a challenging environment. Their flagship property at 632 Broadway has signed leases with Tumblr, Serengeti Asset Management, an un-named high fashion model/influencer, and HealthQuarters (in collaboration with Mount Sinai Hospital). At 264 West 40th Street leases have been signed with Asian Media Rights, CNM LLP, Pierce Mattie Public Relations, Kokolakis Contracting, Capital Signs and Darius Rose. Their newest historic tower at 62 West 45 Street has undergone a full renovation, and leasing activity has been dynamic. Leases have been signed with financial firms EA Markets and Axio Financial, each of which have leased full floors.
“We’ve been busy re-investing in our high-quality buildings” states Bradley Fishel. “Our pricing is reflective of the actual market, our concession and TI packages encourage leasing, and we always pay our brokers promptly” Mr. Fishel proudly states.
The Fishels are represented by the JD Cohen leasing team at Newmark Knight Frank.
About Renaissance Properties:
With an eye towards distressed assets, Renaissance specializes in value-add investments with a focus on Prewar Prime Properties. From commercial & retail building ownership, to leasing, management and construction, Renaissance has built its reputation on the superior capabilities and efficiency of its people, its most important resource. With an emphasis on quality and attention to detail, Renaissance brings a high level of comfort and modern technology, including the most elegant build-outs and the fastest services to all of its treasured tenants.
PRESS CONTACT (Renaissance Properties):
Norah Lawlor | Lawlor Media Group | www.lawlormediagroup.com
Norah@lawlormediagroup.com | Tel: (212) 967-6900
Facebook: LawlorMediaGroup | Instagram: lawlormedia | Twitter: @LawlorMedia
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