Compass, the company behind the real estate home search app, has expanded its foot print at 90 Fifth Avenue between West 14th and West 15th Streets to 63,010 square feet in less than a year, Commercial Observer has learned.
The app developer, formerly billing itself as Urban Compass, inked a deal yesterday for an additional 12,602 square feet, or an entire floor, in the Midtown South building, according to landlord RFR. It now occupies the third through seventh floors of the 11-story property, which has recently been renovated and its infrastructure upgraded.
Technology-centered residential real estate brokerage Urban Compass has doubled its floors and square footage at RFR Realty‘s 90 Fifth Avenue after officials at Urban Compass discovered that the 25,000 square feet it leased this past summer wouldn’t suffice for its growing staff.
The company’s previous lease covered spaces on the third and fourth floors of the 140,000-square-foot building between West 14th and West 15th Streets, but the new deal will extend the company’s space to the fifth and sixth floors and grow its footprint onsite by an additional 25,000 square feet once Urban Compass starts moving into the space in December, RFR officials said.
Innovative gym Peak Performance has signed a 25,204-square-foot lease on the entire 10th and 11th floors at RFR Realty‘s 90 Fifth Avenue, Commercial Observer has learned.
Peak Performance is taking space previously occupied by Forbes in the 11-story, 140,000-square-foot building, which is between East 14th and East 15th Streets.
Tech-driven real estate brokerage Urban Compass has signed a new 25,000-square-foot lease at RFR Realty’s 90 Fifth Avenue, the landlord announced today.
The tenant will occupy space on the third and fourth floors of the building beginning late this year, RFR said in a press release. Urban Compass is currently headquartered at nearby 19 Union Square West and the company is expected to retain its 9,000-square-foot space there, according to The New York Post, which first reported the lease.
Midtown South has continued its meteoric rise, overshadowing the traditional office market in Midtown. Demand remains strong in the market, where more than 12 million square feet of space has been leased in the past three years.
As large tech tenants like Google—which subleased 83,000 square feet at Chelsea Market in the last quarter—continue to snap up space, the market only stands to continue its growth.
Jonathan Mazur, director of research at Cushman & Wakefield, spoke with The Commercial Observer last week to shed light on some of the key numbers from the firm’s recent Midtown South office market report for the first quarter of 2013.
Despite a fair share of new product hitting the Midtown South market in January, landlords continued to call the shots, seeking ever-growing rents in the city’s epicenter for tech and creative companies, the latest data from Cushman & Wakefield shows.
The data shows that total space increased year-over-year in January by 9.8 percent to more than 4.52 million square feet, yet average rents also increased by 10.7 percent to $50.61 per square foot.
The boost in available product was pronounced among Class A and Class B properties, with 41.03 and 47.1 percent increases, respectively.
“It is still a landlord’s market even though that space has come online,” said Ken McCarthy, C&W’s chief economist. “Anyone adding space to the market is asking higher rents.”
90 Fifth Avenue is being acquired by the Atlanta based investment group Jamestown for $115 million sources have revealed to The Commercial Observer, a price that equates to a lofty over $800 per square foot.
The deal, if it closes, would finally end a years long effort to sell the 140,000-square-foot property, which is mostly Read More