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Thor Equities has selected Avison Young to broker its entire office portfolio in New York.
Avison Young will handle all new leasing, renewals and marketing for Thor's New York office properties, with the exception of its Red Hook Point office campus in Brooklyn, for which CBRE remains the exclusive leasing agent. Thor Equities had previously handled its office brokerage in-house.
The move comes on the heels of a report by The Real Deal suggesting that Thor Equities and its founder, Joe Sitt, have been hit hard by the flagging retail market, forced to drop asking rents for its vacant properties in New York's most expensive submarkets and looking to liquidate some of its assets in retail and residential.
What that means for Thor's office portfolio remains to be seen. A Thor spokesman said the size of the portfolio Avison Young will now be managing is confidential, because "we act as a silent partner on a number of deals we aren’t able to discuss." Its office leasing deals had largely been handled in-house.
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