Arch Companies, a vertically integrated real estate owner, operator and developer, is pleased to announce it has signed a 10 year lease for the entire third floor of 88 University Place in New York, New York. The 8,551 square foot floor will be occupied by The Agency, a global real estate brokerage firm, and the spotlight of the hit new Netflix show, Buying Beverly Hills. The Agency’s Founder & CEO, Mauricio Umansky is considered one of the most powerful leaders in the residential real estate brokerage industry and is married to Real Housewives of Beverly Hills star, Kyle Richards.
The Agency is expected to move into their new space in March 2023 and it will serve as the firm’s East Coast Headquarters and be led by Molly Townsend, Senior Vice President, Managing Partner of The Agency New York. The Beverly Hills brokerage has emerged as a national luxury player through its acquisition of Triplemint, a technology-powered real estate brokerage firm, which took place in May 2022 in an all-equity transaction. The Agency has grown to more than 65 corporately-owned and franchise offices across the globe, making it one of the fastest-growing luxury boutique brokerages in the world. Poised for further expansion with like-minded partners in strategic markets, The Agency is noted by The Financial Times as one of America’s Fastest Growing Companies and has ranked among Inc. 5000’s list of fastest-growing private companies in the country for six consecutive years. Recently, The Agency ranked 21st on the 2022 RealTrends 500 list, and led the top 50 firms in average sales price by sides with a $2.5 million average sales price. In 2022, Inman named The Agency Luxury Brokerage of the year.
“New York continues to present exciting opportunities to drive value with our deep portfolio and 88 University Place is attracting the type of occupiers we envisioned when acquiring the asset. We are excited to welcome The Agency to the building,” said Jared Chassen, Founder and Partner at Arch Companies.
“Our team is thrilled with the level of leasing activity since our initial launch. We’ve positioned 88 University Place as a hospitality-infused building with a cutting edge vibe, catering to tenants seeking high-end space in one of Manhattan’s most sought out neighborhoods. The building is in the heart of Union Square, at the crossroads of Nomad, Park Avenue South and Greenwich Village and is rich with transportation and restaurants. The overall design of the building and level of finishes speaks to what tenants are looking for in today’s market,” said Sam Seiler, Executive Managing Director at JLL, who is spearheading leasing efforts for ownership, along with Joseph Sipala and Kristen Morgan.
“Our expansion in New York City is an exciting next chapter for The Agency as we continue to grow our presence in major metropolitan markets across the globe,” said Mauricio Umansky, CEO of The Agency. “We’re looking forward to painting the Big Apple red as we expand our NYC footprint and raise the bar for luxury real estate in our new East Coast Headquarters at 88U.”
“After an extensive search of the market, The Agency chose 88 University Place for it’s headquarters due to the building’s amenities, location, and overall design,” said Scott Bogetti, Corporate Managing Director at Savills, who represented The Agency. “I look forward to seeing their continued growth and success in the building.”
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