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Corporate Headquarters Office Building
450,000 SF Corporate Headquarters
Opportunity
Fortune 50 financial services company had never reviewed their property taxes. Property Tax Advisory Services identified an appeal opportunity and potential cost savings at World Headquarters designed by I. M. Pei.
Strategy
Assessment at $124 M had not been appealed in 20+ years and was higher than Manhattan assessments. The property is one of three commercial properties in the Village of Harrison, a very litigious jurisdiction. The case was presented on an analysis based on sales, cap rate extraction, market rental analysis, an expense ratio study and market conditions.
Results
$50M Value Reduction / $770,700 Tax Savings
$1.71/SF Reduction in Operating Expenses