By Sarah Trefethen
Colliers International is 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, said Joseph Harbert, president for Colliers’ eastern region.
Factoring in changes in loss factors since the firm signed its current lease 15 years ago, he said, they’re looking for about 60,000 s/f.
The search has been going on for over three months, and a five-broker Colliers team has zeroed in on “three or four” strong candidates, Harbert said. He expects to announce a deal within a month.
“We’re narrowing in on a radius around Grand Central,” he said, adding that the company wouldn’t be moving south of 40th Street. Third Avenue in the 40s and 50s is an option however — the firm is considering space in the Mobile building at 150 East 42nd — and so is Sixth Avenue.
The move will also be an opportunity to update the firm’s “very traditional” working environment.
Expect to see more glass and common areas in the new Colliers’ space, as well as less of a size difference between individual offices, though the change won’t be completely radical. “We don’t believe in ‘one size fits all’,” Harbert said.
No one likes to pack, but brokers were stoic about the upcoming change. “The space has served us well, but it’s time for something new,” said Andrew Roos, vice chairman and Colliers veteran.
With average midtown Class A rent at $66 psf, the firm is looking at deals in the 50s and 60s, according to Harbert. “How can we be a real estate firm and not get a good deal?” he said.
