Less than a month after signing a deal for an Upper West Side office, residential real estate brokerage Compass is expanding its global headquarters in the Union Square area by 25,000 square feet, Commercial Observer has learned.
Compass has signed a deal through 2025 for two additional floors—10 and 11—at 90 Fifth Avenue, bringing the company’s total square footage in the building between West 14th and West 15th Streets to 115,000 square feet on floors three through 11. The asking rent for the previously vacant floors was $86 per square foot, according to the landlord, RFR Realty. Architecture firm Vocon is designing the new space, and move-in is slated for the beginning of the fall.
“In the first seven weeks of 2017, Compass has already added offices on the Upper East and West Sides,” Rob Lehman, Compass’ chief revenue officer, said in a prepared statement. “Today, we’re thrilled to take over the remaining floors of our headquarters at 90 Fifth Avenue and create an extraordinary work environment for our staff and agents.”
The technology-heavy brokerage signed its first lease at 90 Fifth Avenue in the summer of 2014, as CO previously reported. Last month, it signed a deal for 8,725 square feet at the Laureate at 2150 Broadway at West 76th Street. The company is expected to open that office in the spring, and early this year the firm will be relocating an office from Lever House at 390 Park Avenue to 10 East 53rd Street, as CO previously reported), and it has two Brooklyn addresses (one in Park Slope and one in Williamsburg).
“Compass continues to expand its business at 90 Fifth Avenue, our newly renovated building at the intersection of Fifth Avenue and 14th Street,” said Gregg Popkin, RFR’s president and chief operating officer. “From its initial foray as a startup to its transformation into one of the most esteemed and sought-after residential real estate firms, Compass has grown its business from two floors to the entire office portion of 90 Fifth Avenue.” TD Bank occupies the retail space at the building’s base.
Popkin represented the landlord in-house along with RFR’s AJ Camhi, and a team from JLL comprised of Jon Fanuzzi, Mitchell Konsker, Dan Turkewitz and Adam Haber. Cushman & Wakefield’s Ethan Silverstein worked on behalf of Compass in the deal. A C&W spokesman didn’t respond with a comment.