Citrin Cooperman & Company, the nation’s 33rd-largest accounting firm, is expanding during the worst recession to hit New York since the 1930s. Talk about good marketing.
Citrin has signed a lease for 75,000 square feet in Silverstein Partners‘ rather unexceptional-looking granite-and-dark-glass-clad 529 Fifth Avenue, 57,000 square feet of which is a renewal and 18,000 square feet of which is an expansion. Both expire in 2021.
How can an accounting firm expand mid-Great Recession?
“Well, that’s a good question,” said Joel Cooperman, managing partner of the firm. “We’ve been consistent with our approach over the 30 years we’ve been in business, in terms of bringing in new business, doing quality service and collecting our money.
“The economy has affected everybody, and certainly our firm, like every other firm, has felt some impact. But we’ve always kept our budget lean and our cash reserves and capital high, and even last year we were able to grow.”
Asking rent in the building is about $50 a square foot. We imagine the taking rent was lower. Not that Citrin, represented by CB Richard Ellis‘ Ken Rapp, Christopher Mansfield and Ramneek Rikhy, ever seriously considered moving elsewhere. “Well, we’ve been in this building since 1992,” Mr. Cooperman said, “and we love the location, we love the building and the services here are very good.”
The affection is mutual.
“We have always maintained a wonderful relationship with Joel Cooperman and his staff, and are thrilled to be able to facilitate the expansion of Citrin Cooperman & Company at 529 Fifth Avenue as our biggest tenant,” said Roger Silverstein, the company’s senior vice president, in a statement.