Douglas Elliman may be making moves all over the country, but it continues to show love to its hometown of New York.
The brokerage just inked a deal to remain at its current headquarters at 575 Madison Avenue for another 15 years, and will expand into 100,000 square feet up from 60,000, Howard Lorber, chair of the firm, told The Real Deal.
Elliman is upsizing to four full floors from 2.5 floors at the Steinberg & Pokoik Management-owned tower, located between East 56th and East 57th streets.
The deal puts an end to speculation that the firm would relocate its headquarters to Park Avenue.
“It’s the center of Midtown,” Lorber said of his reasons for remaining at the property. “It’s convenient for our people.”
No brokers were involved in the deal, which was negotiated directly between Elliman and the landlord. Lorber said the company is planning a major renovation to its existing space and has temporarily leased an extra floor at the building so brokers will have a place to work while their floors are being gussied up.
He declined to comment on the financial terms of the deal, but asking rents in the neighborhood for Class A space average around $70 a foot, according to a recent report from Colliers International.