Upstart real estate firm Urban Compass its expanding its new Fifth Avenue headquarters space to 50,000 s/f.
Owner RFR Realty announced that the technology-driven real estate platform signed a new lease at 90 Fifth Avenue, effectively doubling its space in the building.
Urban Compass initially signed a leased to occupy 25,000s/f on the third and fourth floors of 90 Fifth Avenue in July 2014. The new lease will see the company grow to 50,000 s/f across floors three through six and was completed prior to Urban Compass moving into the new space, which is scheduled to begin during the first week of December 2014.
Urban Compass will use its expanded space at 90 Fifth Avenue to consolidate its agents and headquarters operations. The company’s current headquarters is in nearby Union Square, where the firm has occupied 9,000 s/f since March 2014.
Today’s announcement also comes on the heels of Urban Compass’ just-announced 10,700 s/f lease at RFR’s 390 Park Avenue.
“This significant lease expansion demonstrates the success we have achieved in attracting the industry’s top professionals to our organization. As we continue to grow and reinvest in our platform, our new location will position us strongly to continue to provide innovative and intelligent solutions to our expanding client base,” said Robert Reffkin, founder and CEO of Urban Compass. “A top-tier, historic building, 90 Fifth Avenue offers a strategic location with extensive new renovations that will provide our team with a truly open and collaborative work environment.”
Recently renovated, upgraded and reintroduced to the market, 90 Fifth Avenue is a 140,000 s/f office building located in theMidtown South submarket, along a corridor popular among tech, media and publishing firms. Improvements at the building include a new lobby with site-specific art program, new elevator cabs, bathrooms and common areas, as well as upgraded building infrastructure and a new 2,500-square-foot landscaped terrace.
Ted Moudis Associates, which has designed offices for Condé Nast, Revlon and Tiffany & Co., is designing the interior of the new office for Urban Compass.
“We’re excited to see Urban Compass grow at 90 Fifth Avenue,” said AJ Camhi, who represented RFR in-house in the lease, along with RFR’s Oliver Katcher. “The building’s sought-after location, along with recent building improvements, has proven to be an attractive combination for tenants.”
Urban Compass was represented in the transaction by Mark Mandell and Ethan Silverstein of Cushman & Wakefield.
Earlier this year, Urban Compass raised $40 million in Series B financing from investors including Founder’s Fund, Thrive Capital, .406 Ventures and Advance Publications. The Series B funding brings the total amount raised to $73 million, equipping the company with the capital to grow its operations in New York and expand to other cities throughout the United States.