Marcus & Millichap is ramping up hiring as the company prepares to move into its new “regional hubˮ at 260 Madison Avenue.
The firm recently signed a 10-year lease for 37,000 s/f at 260 Madison Avenue, doubling it’s current office size.
The space is expected to house around 250 employees – including brokerage, admin staff, investment sales agents, and financing professionals.
“We have been ramping up hiring aggressively, we really want to fill in the new office,” said JD Parker, senior vice president and district manager of the Tristate Region for Marcus & Millichap. “We’ll move in as close to 100 percent capacity as possible, we think we’ll get pretty close.”
Located at 270 Madison Avenue since 1999, and where it has expanded twice in recent years, Parker began actively seeking new digs last November.
“One of the big focuses for us was having a contiguous space on one floor,” said Parker. “There’s a lot of synergy lost being on a couple floors.”
The firm envisioned the new space as its “regional hub” among the five offices it has in the tri-state area, and wanted a floor plan that would “allow for the next evolution of the company.”
“I think we’ve got a unique platform that’s really unparalleled to the marketplace in New York City,” said Parker. “We’ve had very little disruption in our operations, and once agents have become successful with our platform, they don’t leave.”
Though Parker admitted there has been a lot of consolidation in the marketplace as of late – like Cushman and Wakefield’s purchase of Massey Knakal – he is confident that it won’t change Marcus & Millichap’s business locally.
“I greatly respect Massey Knakal and think they’re a great company and that purchase made a lot of sense,” said Parker. “Whoever buys C&W will be buying a great company.”
In the last year and a half, Marcus & Millichap has opened three offices in Canada, and has plans for further expansion in the country.
Regionally, Parker said the firm is focusing on increasing its agent count.
“We’re potentially looking at another office or two in the northeast, but mainly we are focused on cementing space in Manhattan,” said Parker.
The firm partnered with landlord the Sapir Organization, and is planning a build-out for its new offices to be a “world-class facility” that the company plans to move into by the end of November.
“It’s really exciting for us to have secured a lease for the next decade, and secure our future and allow us to grow,”said Parker. “We’re bursting at the seams.”