Negotiating for new space on behalf of an organization in a market that is rapidly tilting towards the tenant's advantage is a benefit everyone would like to have.  It becomes a two-edge sword, however, when conditions require the tenants to simultaneously dispose of their existing leases.

Protecting the tenant from these historic market gyrations was the task of Al Duryea, principal of ITRA/New York Realty Group, who has represented the National Council for Economic Education (the Council), for nearly 20 years.

In early 2008, the Council needed to expand their office in New York by 40% but their existing lease term had more than two years remaining.  The group reviewed 40 potential new spaces.  Offers were made, with negotiations proceeding on five buildings.  During this same intense space search, ITRA's Mr. Duryea produced multiple sublease offers on the Council's two existing spaces.

All three leases were signed on the same day.  The Council leased a full (tower) floor in the Grand Central area at below market rent with a complete new installation provided by the owner.  The Council's chief operating officer (COO), Joseph A. Peri, termed the multiple transactions "challenging."

"Without Mr. Duryea's wise cousel, we would not have managed the complicated process of having to find new, larger, yet still affordable space, while simultaneously subleasing our old spaces, within the normally complicated midtown Manhattan market.  This was made many times more challenging by the rapidly unfolding financial market collapse.  It was heartening to know we had a partner with the utmost credibility, integrity and client loyalty."