Robert Khodadadian – Commercial Observer

A Los Angeles-based luxury residential brokerage at the center of Netflix’s television series “Buying Beverly Hills” is opening its first New York City office in Greenwich Village, Commercial Observer has learned.

The Agency signed a 10-year lease for 8,551 square feet across the entire third floor of 88 University Place, with plans to open shop in March, according to a spokesperson for landlord Arch Companies

Asking rents at the building range from $85 to $125 per square foot, the landlord said.

The Agency scored a foothold on the East Coast when it bought New York City-based real estate firm Triplemint in May, and plans to use the new office to host Triplemint staffers and grow its business, with broker Molly Townsend leading the New York team, said The Agency founder Mauricio Umansky.

“I think there are tremendous opportunities in New York right now,” Umansky said. “We’re expanding and growing and taking on leases when everybody else is contracting, which I think gives us the opportunity for growth and to create something important in Manhattan.”

The Agency will take over the space from IBM, which leased the entire property through a deal with WeWork in 2017 only to ditch the building after the pandemic began in 2020. 

At the time, former WeWork CEO Adam Neumann owned a 50 percent stake in the 11-story property. A spokesperson for Arch declined to comment on whether Neumann is still involved, and a representative for Neumann did not immediately respond to a request for comment.

Since IBM’s departure, a handful of companies linked to Neumann have taken space at the building between East 11th and East 12th streets. 

Currently leasing space at 88 University Place are mortgage provider Valon Technologies, which scored an investment from Neumann in 2021; Flowbcarbon the carbon offset company co-founded by Neumann; and Carson Living, Neumann’s residential property management app.

JLL’s Sam Seiler, Joseph Sipala and Kristen Morgan represented Arch in The Agency’s lease. SavillsScott Bogetti handled it for the tenant.

“Our team is thrilled with the level of leasing activity since our initial launch,” Seiler said in a statement. “The overall design of the building and level of finishes speaks to what tenants are looking for in today’s market.”

That design, plus the property’s amenities and location, drew The Agency to 88 University Place “after an extensive search” for its New York base, Bogetti said in a statement.

Celia Young can be reached at cyoung@commercialobserver.com.

A Los Angeles-based luxury residential brokerage at the center of Netflix’s television series “Buying Beverly Hills” is opening its first New York City office in Greenwich Village, Commercial Observer has learned. The Agency signed a 10-year lease for 8,551 square feet across the entire third floor of 88 University Place, with plans to open shopRead MoreChannel, Leases, Office, 88 University Place, Adam Neumann, Arch Companies, Carson Living, Flowcarbon, IBM, JLL, Joseph Sipala, Kristen Morgan, Mauricio Umansky, Netflix, Sam Seiler, Savills, Scott Bogetti, The Agency, TripleMint, Valon Technologies, WeWork  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

Commercial Office Lease

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