Real estate company Arch Companies relocated to a new office in NoMad, tripling its office space, Commercial Observer has learned.
The company leased 6,000 square feet at Kaufman Organization‘s 15 West 27th Street, located between Broadway and Fifth Avenue, according to information from Arch. It will relocate from its current offices at 524 Broadway in SoHo, which Arch returned to in July after the initial pandemic shutdown.
In order to accommodate social distancing and its growth over the past year, Arch expanded its footprint in the new location. “The space was more than we needed, but wanted room to grow, so that we can continue to build out our corporate verticals,” Arch Managing Partner Jeffrey Simpson said.
The overall office design wasn’t impacted by COVID-19, but Arch did choose to occupy a private floor with a private bathroom in order to keep its team safe, Simpson added.
CBRE brokered the deal for Arch and Kaufman managed the leasing in-house. Arch declined to provide the terms of the lease or the asking rent, but CoStar Group data shows rents in 15 West 27th range between $27 to $42 per square foot. CBRE did not immediately respond to request for comment.
Kaufman acquired the property via leasehold from Extell Development in 2014, part of a Madison Square portfolio that included three other boutique office properties in the NoMad area.
Arch owns 3.4 million square feet in the United States. Its New York portfolio includes the luxury condominium buildings at 11 Greene Street in SoHo and 550 Metropolitan Avenue in Williamsburg, Brooklyn.
By: Chava Gourarie; Commercial Observer