Avison Young, the Canadian real estate analysis and advisory firm, has agreed to take up a new area of office space in downtown Manhattan, New York, according to reports.
Despite focusing much of its attention on the state of play within the major Canadian office space markets like those in Toronto, Ottawa and Edmonton, the company has been steadily enhancing its presence in the US for a number of years. Indeed, it currently has offices in Los Angeles, Dallas, Chicago, Atlanta and Boston, as well as several other major US cities.
In terms of its presence in New York and Manhattan specifically, the local real estate magazine Commercial Observer reports that Avison Young has been operating out of local Regus offices for a little over a year. However, it is believed that the company has now committed to occupying 15,000 square feet of offices at 623 Fifth Avenue in the heart of Manhattan.
The firm’s new offices will cover the entire of the 22nd floor of the relevant building, with its occupancy there reportedly established on the basis of a two-and-a-half year sub-lease from the Irish banking group Depfa.
Arthur Mirante told the Observer: “We’re growing so fast we didn’t want to commit to something for more than three years.”
He went on to explain that the New York aspect of the company currently has a 30-strong staff with the new offices on Fifth Avenue secured with a view to expanding notably over the coming months and years. Mirante himself is regarded as being a key figure in the prospective development of the company in New York given his extensive local knowledge within the real estate sector. He is a former chief executive of the property advisory firm Cushman & Wakefield.