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.
“We’re excited to see Urban Compass grow at 90 Fifth Avenue,” said A.J. Camhi of RFR. “The building’s sought-after location, along with recent building improvements, has proven to be an attractive combination for tenants.”
Mr. Camhi and his RFR colleague Oliver Katcher represented the landlord in the deal, while Mark Mandell and Ethan Silverstein of Cushman & Wakefield negotiated on behalf of the tenant.
Urban Compass opened its headquarters opposite nearby Union Square in March, and the company’s staff has jumped to 180 employees from 60 in the past six months, according to The Wall Street Journal, which first reported the new expansion.
RFR officials declined to state the term of the lease but cited asking rents of $78 per square foot on the fifth and sixth floor of the property. Available spaces on floors seven through nine carry asking rents of $82 per square foot, the officials said.
Representatives for C&W didn’t immediately respond to a request for comment.