Cushman & Wakefield is not pulling up stakes for a new headquarters just yet.
The brokerage firm has expanded its lease at 1290 Sixth Ave., adding 15K SF and growing its footprint to 170K SF in the 2.1M SF building, Crain's New York Business reports. Cushman President of Operations in the Tri-State region John Santora said the company will update its space and remain in place at least until its lease with building owner Vornado Realty Trust expires in 2025.
The renovation will include the conference rooms, common space and the reception area, with the conference rooms getting increased telecommunications capabilities to enable remote meetings and the reception getting a coffee bar with a barista on staff. The goal, according to Santora, is to create a more lounge-like environment to increase collaboration and comfort.
Participating in that collaboration will be staff from Cushman satellite offices at 275 Madison Ave. and 277 Park Ave., which both came under the company's umbrella in 2015. The former headquarters of Massey Knakal, which Cushman bought in 2015, is at 275 Madison, and 277 Park was once the home of Cassidy Turley before DTZ acquired it along with Cushman in 2015.
Though brokers and executives from 275 Madison will be moved to 1290 Sixth Ave., Cushman will continue its lease there and move in support staff from other locations. Cushman will end its sublease at 277 Park once its employees have moved over.
Santora told Crain's that when the lease ends in 2025, the company will again consider relocation.
"As the expiration comes closer, everything is on the table," Santora said.
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