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ASSIGNMENT: Since 2012, Peter Bean has been representing Criteo Corp., a Parisian based digital marketing firm with over 1,600 employees in over 27 offices worldwide. As a newly funded start-up seeking to establish a sales presence in Boston, Peter navigated Criteo from a small, short-term office environment at Faneuil Hall to two full floors at one of Boston’s premier Downtown office towers. Fueled by rapid growth with an immediate need for more efficient space with higher densities, Peter negotiated a long-term lease for over 12,000 RSF at 60 State Street prior to Criteo’s IPO. Within six months of occupancy, Criteo’s explosive expansion resulted in negotiating a lease termination and expansion at 60 State Street to two full floors totaling 50,000 RSF.
Renegotiate a long term lease at 60 State Street to best position Criteo to control its rapid growth and develop a workplace environment to attract top talent. This assignment was further complicated by Equity Office’s sale of 60 State Street to Oxford Properties during the negotiation.
APPROACH: Using current market availability and fifteen years of industry experience, Peter positioned 60 State Street against competitive buildings using the very real option of leaving 60 State Street as leverage for renegotiating the lease.
RESULT: Negotiated a lease termination of 12,278 RSF on the 6th floor of 60 State Street and simultaneous expansion to the 14th floor with a phase-in to the 15th floor one year from the new lease commencement.Tags: Financial District, Peter Bean, Tenant Representation