2002 Article Index
"Our services go beyond strict brokerage," said Cote, a 1991 Lowell High graduate who went on to study government and play football at Harvard. "WeĖre involved in the strategic planning, which isnĖt only finding space, but also help with subleases, terminating with landlords, even wiring and furniture. We solely represent tenants."
After 13 years of working at real estate firms, Roy Hirshland decided to venture out on his own.
"We built this firm to help tech companies to make smart business decisions," Hirshland said.
Roy Hirshland, the president and CEO of T3 Advisors LLC, a Waltham-based real estate firm devoted to technology companies, started his business career with a taste for success: peddling food as a sales rep for the Procter and Gamble Co.
Kodiak Venture Partners signs a long-term sublease for 11,000-sf of space at 1000 Winter St. in the Bay Colony Corporate Center. The venture capital firm is relocating from an office in Concord, MA. T3 Advisors Advisors president & C.E.O. Roy Hirshland represented Kodiak Ventures in the transaction.
T3 Advisors, a strategic real estate advisory and commercial brokerage firm for technology and venture capital firms, relocated its headquarters to 1000 Winter St. in the Bay Colony Corporate Center.
The new location holds some potential advantages, in addition to being located in the geographic middle of T3's client base. Namely, the new offices are in the same building as a host of venture capital firms, such as Advanced Technology Ventures LP, Polaris Venture Partners, Matrix Partners and Charles River Ventures. Not to mention Kodiak.
"They had probably a $15 million obligation in rent remaining over the term of the lease," said Mark Cote, a managing director at T3 Advisors LLC, a Waltham-based real estate firm that represented Agency.com in the negotiations along with WF Realty, a New York-based company that handles OmniCom's real estate dealings. "It's going to end up being a big savings for them."
Roy Hirshland, president and CEO of T3 Advisors LLC, a Waltham-based real estate firm, represented MCK in the deal. The space, which was on the market for about eight months, was competing with an abundant amount of sublease space available in the suburbs.
"It was a long battle," Hirshland said. "We were really very pleased to come up with the situation we did."
"I'm reminded of the old Purina Cat Chow commercials, with the cat that keeps going forward and backwards," Hirshland says. "The market and the economy seem to lurch forward, then they move back. We're all waiting for that cat to start going forward for good."
The decision was initially greeted with some heavy skepticism by competitors and colleagues alike, Hirshland said. "They would say, 'What are you, crazy? Technology is dead. Technology companies are not growing anymore and they are not going to be leasing space,' " recalls a now amused Hirshland, T3's president and CEO. "We just smiled and went about our business and, 55 clients later, we felt that technology is not dead. It's here to stay," Hirshland said.
"Now these businesses use office space that mixes the more traditional style with an eye toward cost savings and the need for creative workspaces. Technology companies still want to use their space as a competitive distinguishing factor, but not at any cost", said Roy Hirshland President and C.E.O. of T3 Advisors.
Allaire Corp., the brains behind ColdFusion, has emptied nearly half of its Newton office in the final chapter of its acquisition by Macromedia.
And now T3, a real estate advisory firm representing the leasing of the Allaire space, said it's "delighted" to sublease 110,000 square feet of Macromedia's 260,000 square feet of office space at 275 Grove St. in Newton.
"It really amazes me," said James Morgensen, vice president of real estate, facilities and services for Macromedia. "It was space that I expected to be sitting on for a year without batting an eye."
RSA's new headquarters will house 550 of its 1,236 worldwide employees in a 328,000 square-foot space according to Vivian Vitale, VP of Human Resources. Vitale said the deal was brokered by T3 Advisors, a commercial real estate company in Waltham founded in August by Roy Hirshland. "Roy has been our broker for the company for the past six years," Vitale said. "He knows us, he knows our business."
In one of the few large deals here recently, Macromedia Inc. sublet 110,000-sf of space here at Riverside Center...and Macromedia was represented by Roy Hirshland of T3 Advisors.
In Newton, the Web software company Macromedia just signed two deals to sublease 110,000 square feet of the 348,000 square feet it occupies at 275 Grove St., according to consultant Roy L. Hirshland, president of T3 Reality Advisors. Hirshland says the current climate is much different, and in many ways less severe, than the real-estate glut of 10 years ago that left major construction projects standing unfinished for years.
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