Compass Takes Another Floor at 90 Fifth Avenue
Terence Cullen April 21, 2015, 12:15 p.m.
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.
Asking rents were $82 per square foot in the 10-year lease, according to a spokesman for RFR. AJ Camhi represented RFR in-house, while Mark Mandell and Ethan Silverstein of Cushman & Wakefield represented Compass.
The new space will house the growing talent pool at Compass, which also leases a full floor from the landlord at 390 Park Avenue, including engineers, designers and agents, according to RFR. The employees will also have amenities including a pool table, roof deck and a shower.
“Compass continues to be a cutting-edge technology and real estate company that’s had tremendous success recruiting top talent throughout Manhattan,” Mr. Camhi told CO. “Keeping in line with the creative type nature of the business, there’s a much more collaborative type feel [to the space], which brings all their staff and employees together.”
Although it’s not clear when Compass will move to its additional office, architect Ted Moudis Associates, who designed its other floors as well as offices for Conde Nast, the National Football League and Major League Baseball, is designing the seventh-floor buildout.
“We are excited by the continued growth of our team and the ability to expand in a space that enables the collaboration of departments across the company,” said Robert Reffkin, the founder and chief executive officer of Compass, in prepared remarks.
Compass signed its first lease in the building last July, originally for 25,000 square feet, as CO reported at the time. By October it had doubled its space in the building—occupying the third through sixth floors. RFR also signed Peak Performance, an innovative gym, to a 25,204-square-foot lease at 90 Fifth Avenue last fall.
Mr. Camhi said there’s been significant interest in the building since it hit the market last year following a renovation—which included new elevator cars, bathrooms and a roof deck terrace available to all tenants. The amenities have been a major draw, he added, as well as the property’s proximity to a slew of subway lines.
“That’s been a big proponent of our success for sure,” Mr. Camhi said.