CB Richard Ellis will soon begin scouring the market for office space on behalf of … CB Richard Ellis.
The mega-brokerage is looking for “something over 100,000 square feet” in which to house its midtown offices, since its current lease at 200 Park Avenue expires sometime in the next couple of years, according to Mitch Rudin, president of the tristate region for CBRE and one of the leaders of the firm’s search committee.
Mr. Rudin and his team are proceeding methodically, visiting other firms’ built-out offices to help foment ideas for what Mr. Rudin has dubbed “the model office for the future.”
“We haven’t seen it yet,” r. Rudin said.
Right now, CBRE occupies three floors at the Met Life Building, as well as an office downtown, which it plans to keep, and a valuation office. If, as CoStar reports, each floor at 200 Park averages 47,500 feet, that would bring CBRE’s total to about 150,000 square feet—a bit more than the “over 100,000 square feet” the firm is looking for now.
Either way, as Mr. Rudin pointed out, “we are fortunate that from the tenant’s side, we’re in a good market.”
They’re also fortunate that they’re not Cushman & Wakefield, which signed a deal this past summer, right before the financial crisis changed everything, for a “large, dark base floor” at 1290 Avenue of the Americas for over $80 a square feet, according to sources.
Even so, Cushman regional COO Joe Harbert said the firm is “excited to be moving to new premises.” And the price? “You look at these as long-term commitments. You need to make commitments; you have a business to run.”
Meanwhile, Jones Lang LaSalle, cognizant of the ever-more-tenant-friendly market, recently agreed, as part of a complicated deal at the Citigroup Center, to sublease its two floors for one more year from new tenant Kirkland & Ellis, while the brokerage keeps its eyes peeled for high-quality space at around $50 a square foot. The Post first reported the Kirkland deal in January.