Class A. Class B. Class C. Live/work loft. What’s most appropriate for your business? Most of the buildings presented here at BMO are Class A or – at the lowest – Class B. There is no standard definition of “Class A” or “Class B” office space, and the designation will likely vary depending on the neighborhood in which you’d like to locate your business. For example, most office buildings in Midtown Manhattan are Class A, while the Garment District and Midtown South are replete with pre-war, Class B buildings. Generally, the higher class building, the more expensive the rent, though the better the amenities. Within each type of building different types of leasing structures may exist, depending on the landlord, specific availabilities, and other factors that BMO and its brokers can help you assess:
Direct Leases: In a direct lease, your company enters into a lease agreement for an agreed upon term and price directly with the landlord/owner of the building.
Subleases: In a sublease, your company enters into a lease agreement (a sublease) with a tenant who already occupies the space that you will be moving into. However, your sublease will be subject to the same terms – including the rent – as the original tenant.
Live/Work Lofts: Combined personal and professional space where you – quite literally – live where you work. Availabilities will depend on the neighborhood and type of building in which you are seeking.