Arthur Mirante, Avison Young principal and Tri-State President, announced that the firm is expanding its presence in New York City by signing a new, 40,000 s/f lease to relocate the firm’s Manhattan office to a full floor at 1166 Avenue of the Americas.
The move, which comes less than three years after Avison Young entered the New York market, is occurring through a sub-sub-sublease with Advance Magazine Publishers, Inc. As a result of the relocation scheduled for March 2015, Avison Young will nearly triple the size of its Manhattan office, which currently comprises approximately 14,000 s/f at 623 Fifth Avenue.
Avison Young entered the New York City market in 2012 and has since established additional offices in New Jersey, Long Island and Fairfield/Westchester. The company’s new Manhattan lease coincides with deals that all of the firm’s Tri-State offices have signed to expand their local offices to support the firm’s ongoing aggressive growth throughout the region, across the United States and overseas.
“Since entering the New York metropolitan area market in 2012, Avison Young has not only met its financial goals, but has also exceeded its growth objectives, building a true full-service platform through high-level recruiting and strategic company acquisitions,” said Mirante. “As we look to the future, our new office in New York City, along with the expansions of all of our Tri-State offices, will position us strongly for continued growth.”
Over the past six years, Avison Young has grown from 11 to 62 offices and from 300 to more than 1,700 real estate professionals in Canada, the U.S. and Europe.
“As a key global market, New York City is integral to our expansion strategy,” added Earl Webb, AvisonYoung’s President, U.S. Operations. “The continued growth of our platform in one of the world’s most competitive commercial real estate markets clearly demonstrates the success of our differentiated Principal-led, client-centric service approach.”
Avison Young has secured a number of high-profile assignments since entering the New York City market. These assignments include being named by The Moinian Group as the exclusive office leasing agent for its 3 Hudson Boulevard – a state-of-the-art, new construction 1.8 million-sf world-class tower that will rise 66 stories in Manhattan’s Hudson Yards district; and acting as office leasing agent for the Paramount Building at 1501 Broadway – an iconic 33-story, 788,897-sf tower in Midtown’s Times Square district, for which Avison Young is currently advising ownership on a comprehensive reinvestment strategy.
The firm has also completed several significant transactions since establishing its New York City presence, including representing United Cerebral Palsy in the $135 million sale of the non-profit’s former headquarters at 122 East 23rd Street in Manhattan, facilitating a 50,000 s/f new office lease forTremor Video at the Paramount Building, and representing Winthrop-
“Our successes to date are the direct result of the talented professionals we have assembled in the regional market across all of our businesses,” stated Mirante. “In the past few years, we’ve established a top-tier regional asset services platform with the acquisition of Kwartler Associates and the hiring of Antonio Biondi and Sean Sullivan, built the region’s premier project management platform with the acquisition of the Walsh Company, created a New York City retail services group, and built andexpanded our valuation services platform. These critical disciplines complement our expertise in investment sales; leasing; and debt, equity and loan sales; enabling us to deliver a fully integrated suite of services to clients that are aligned with their diverse real estate requirements.”
Avison Young’s new Manhattan office, located in Midtown within walking distance of Bryant Park and Rockefeller Center, will accommodate the firm’s continued growth over the next several years. Within the next year alone, the company plans to hire another 15 to 20 leasing brokers in New York City to further strengthen Avison Young’s tenant and landlord representation business.
The firm’s project management team is overseeing build-out of the new Manhattan office. Designed to foster a collaborative work environment, the new office space will feature a number of communal meeting places throughout, highlighted by a central dining and meeting area themed around New York City’s famed Central Park.
“The build-out plan for our new office reflects the emphasis that Avison Young places on creating an environment where professionals from all of our business lines can easily communicate to ensure that our clients receive the best possible service,” noted Avison Young Principal John Ryan, who represented the firm in the lease for its new Manhattan office.
Added Kirsten Beck, Director of Project Management for Avison Young in New York City: “By providing an open-floor-plan design and numerous communal meeting places, our team will be able to collaborateand share information seamlessly. At the same time, the flexible layout will support our space requirements now and into the future.”