Adelaide Polsinelli, Vice Chairman of Compass, a publicly traded, technology-driven, real estate platform, along with director, Lauren Curcio, also of Compass, have successfully leased +/- 22,100 square feet of industrial warehouse space, to Ben Krall’s Urban Umbrella.
The property is located at 154 Morgan Avenue, in Brooklyn’s bustling Williamsburg neighborhood. Urban Umbrella signed a five-year sublease with distribution company, AxleHire. Terreno Realty Corp is the owner of the property. Urban Umbrella had previously relied on third-party scaffolding companies to manage its last-mile operations and logistics, but having just completed its 300th project and with insatiable demand in multiple cities, Urban Umbrella hit an inflection point where it made sense to operate its own warehouse.
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Ben Krall, the CEO and Founder of UrbanUmbrella, commented that “Our new facility is a sign of our seven-year journey to disrupt the traditional, sleepy scaffolding industry; we are more than excited to build a new home in Brooklyn”. Afforded a special color and design privileges per the New York City Building Co, Urban Umbrella is the only company allowed to produce alternate-color sidewalk bridging and construction fencing. All scaffolding companies besides Urban Umbrella may be fined up to $10,000 if their scaffolding is not “hunter green.” As a result, the business has been booming for the NYC-based company that also has offices in Tribcea and Canada.
Urban Umbrella completed its first project in Montréal this week, installing one of its new products outside the National Bank Tower at 600 Rue de la Gauchetière Ouest. Urban Umbrella’s white premium sidewalk scaffolding product was installed as the 1983 office building undergoes renovations led by JCB Construction Canada, a forward-thinking Canadian contractor.
After touring many sites, we targeted this exceptional sublet opportunity. 154 Morgan Avenue is a perfect situation for Urban Umbrella. Its proximity to many of Urban Umbrella’s current projects will enable the firm to capitalize on expansion into the boroughs as well as national markets,” commented Polsinelli.
“Working with a trail blazer like Urban Umbrella, made the assignment an extremely rewarding experience”, concluded Curcio.
Cushman & Wakefield’s Rico Murtha, Sonny Singh and Helen Paul represented the sub-lessor in the deal.
