Welltower, Inc. (NYSE: WELL), a $33 billion REIT based in Toledo Ohio was looking for a NYC satellite office to house its growing team. As the space would be a showcase for the company and house its senior executives, WELL had a long list of “must haves” including a full kitchen with working stove, collaborative areas, conferencing suite with various meeting room sizes, executive offices, and high-end finishes, all within a building that reflects the prominence of the firm.

A tight timeline, budget, layout, and geographical parameters were set by the executive team.

WELL tapped Spaces Commercial Real Estate to develop a go to market strategy and lead the search.

Client:Welltower, Inc.
Services:Acquisition, Disposition
Buildings:1330 6th Avenue (Disposition)
         767 FIfth Avenue (Acquisition)


  • Interviewed stakeholders within the firm to understand Welltower’s business goals
  • Translated goals into a space program and workplace strategy to accommodate for current and future occupancy needs
  • Evaluated all single and multi floor built on-market spaces within Trophy Plaza District assets. Direct and sublease space opportunities were thoroughly vetted
  • Began a campaign to identify off-market sublease opportunities
  • Identified potential city and state incentives for growing financial services firms
  • Evaluated prospective landlord and sublandlord dynamics to develop negotiating strategy
  • Analyzed default risks for all sublease opportunities to mitigate risk


Executed a 28,656 RSF five year fully furnished lease assignment at the GM Building (767 Fifth Avenue)- one of the most prestigious addresses in NYC.

  • Negotiated a complex lease assignment mitigating any default risk by the Assignor
  • WELL received an upfront payment of $9m+ to cover the rental spread between Assignor and Assignee’s rent
  • Average rental rate was over 50% below the asking rent for the building and one of the most economical transaction in the history of the GM building.
  • Secured 3 months of free rent on a five-year lease term
  • Negotiated a tenant improvement allowance sufficient to modernize the space

Executed a 6,314 RSF sublease of WELL’s space at 1330 Avenue of the Americas

  • Secured a credit tenant to sublease the entire space for the remainder of the lease term
  • Aligned both the signing of the sublease and sublease commencement to dovetail with the signing and commencement of the 767 Fifth Avenue space.