Cresa Partners plots expansion amid tenants’ market

Mark Jaccom, the former Tri-state co-chairman of Colliers International, has plans to double the size of his new firm, Cresa Partners, within the next year. Appointed Cresa’s president three months ago, Jaccom told GlobeSt.com that he has hired eight more people already and has three more ready to sign on, bringing Cresa’s NYC presence to 31. When he was hired the office had 20 people, and he hopes to take it to 40, including 25 brokers.

With his focus now solely on tenant representation, Jaccom said he believes more of them are willing to look Downtown. While other brokers have reported that the newer, cheaper office space is being used merely as a negotiation tool, Jaccom believes tenants are legitimately interested in the newer, high-tech office stock. Plus, the Downtown location is more amenible to the Hoboken and Brooklyn-based employees they want to attract now that Midtown South is mostly filled.

But he admitted that the plethora of Downtown space is helping tenants find deals in Midtown. “I do believe it is still a tenant’s market where tenants take advantage of the softening going on, and you can make incredible deals also in Midtown and Grand Central because of the migration of tenants going south,” Jaccom said. [GlobeSt] — Adam Fusfeld