By Linda O’Flanagan
Marcus & Millichap is expanding its Manhattan office as it embarks on its latest hiring burst.
Regional manager J.D. Parker announced yesterday (Tuesday) the firm will add 6,100 s/f to its headquarters offices 270 Madison Avenue and hire 35 more sales people.
“We’ve been bursting at the seams the last seven months so this was an easy decision for us,” said Parker.
As the firm continues to increase its footprint in the tri-state commercial real estate market, the expansion will provide additional space for training and seating to the office’s growing sales force and administrative staff.
“We’ve captured significant market share in the New York City investment sales market during this cycle and grown our mortgage brokerage business rapidly during the last two years,” said Parker.
“We see a lot more opportunity locally and regionally. We’ll be hiring more experienced and new investment sales people in the coming months and we needed more space in order to capture that opportunity.”
Marcus & Millichap’s Northeast division has ridden the upswing of the markets correction in the past three years.
It has grown both its Brooklyn and New Jersey offices and expanded in White Plains and New Haven, signing new leases there in the last month.
Parker said the company — which closed on $2.4 billion worth of business in the region last year — is hiring in all offices across the region for both investment sales and mortgage loan originators.
The expansion announcement comens on the heels on new that Colliers International is also on the hunt for new office space in Manhattan to accommodate a growing staff.
With a lease expiring in a building slated for renovations next year, Colliers — which currently occupies 44,000 s/f at 380 Madison — is looking to expand by at least 25 percent, according to Joseph Harbert, president for Colliers’ eastern region.