JLL to market RFR’s entire NYC office portfolio

Aby Rosen’s firm will be downsizing its in-house team

TRD New York /
Mar.March 23, 2015 08:01 AM

Looking to boost its office leasing, Aby Rosen’s RFR Realty replaced a mainly in-house team of agents with a JLL team, which will now be responsible for its entire 14-building New York City portfolio.

RFR’s in-house leasing department will be reduced from nine to four agents, some of whom are leaving for JLL. The JLL ream representing RFR will be comprised of 14 agents, led by Mitch Konsker and Alexander Chudnoff.

RFR president Greg Popkin told the Wall Street Journal that switching to an outside team means “giving up a substantial amount of commission income.” The upside he predicts: “If we’re as successful as we hope we’ll be, the volume of deals will far outweigh the loss in commissions.”

RFR’s portfolio has grown substantially, with five major Manhattan acquisitions in the last two years — 350 Madison Avenue, 285 Madison Avenue, 281 Park Avenue South, 190 Bowery And 11 Bond Street.

JLL’s growth has also been impressive. According to Konsker, its leasing assignments are up to 53 million square feet in New York, up from 40 million just one year ago. He said the key to its success often involves stealing the deal — swooping in at the last moment to court a tenant that is about to sign somewhere else.

CBRE will lose its assignments on 350 Madison AvenueAnd 285 Madison Avenue, which it used to handle for RFR on a one-off basis.

“We unfortunately were not having the kind of traction we were looking for on those two and decided to make a change,” Popkin told the Journal, adding that he was not criticizing CBRE’s efforts. [WSJ]Tess Hofmann


Related Articles

arrow_forward_ios
Aby Rosen of RFR Realty and the Chrysler Building (Getty; iStock)

Aby Rosen is bringing back the Chrysler Building’s observation deck

Aby Rosen is bringing back the Chrysler Building’s observation deck
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
522 Fifth Avenue, Morgan Stanley’s James Gorman and RFR Realty’s Aby Rosen (Credit: Getty Images; Google Maps)

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M
RFR Realty's Aby Rosen, 900 Third Avenue, and Paramount's Albert behler (Credit: Getty Images, Google Maps)

Aby Rosen in talks to buy Paramount’s East Side tower for $400M

Aby Rosen in talks to buy Paramount’s East Side tower for $400M
JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

JLL still riding revenue wave after HFF acquisition
Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

Former JLL brokers launch boutique sales firm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...