The Real Deal New York

Compass’s latest flagship office is an
UES townhouse

The residential brokerage will move into 962 Madison, which had an asking rent of $1.35M a year
October 24, 2018 10:10AM

962 Madison Avenue and Robert Reffkin (Credit: LoopNet)

Expansion-hungry Compass is opening a new flagship office in the Upper East Side.

The SoftBank-backed brokerage, which is now valued at $4.4 billion, will move into a 5,400-square-foot space at 962 Madison Avenue, a three-story townhouse.
According to the New York Post, the entire space had a $1.35 million per year asking rent.

The storefront includes a 400-square-foot entrance and Compass will take over the entire three floors.

The company last month raised $400M from Japanese-based SoftBank and QIA in a series F round. The firm, which was founded in 2012, said it would use the funding to reach its goal of controlling 20 percent market share in 20 U.S. cities by 2020.

Compass has been increasing its footprint in New York over the last year. In April, it signed a lease for 32,000 square feet at SL Green Realty’s 10 East 53rd Street, increasing its total space at the tower to 39,000 square feet. Its global headquarters is at Aby Rosen’s 90 Fifth Avenue in Union Square, where it has about 115,000 square feet. Other offices are located in the Upper West Side, Flatiron, Cobble Hill, Park Slope and Williamsburg.

It recently branched out into commercial brokerage, after hiring former Eastern Consolidated brokers Adelaide Polsinelli and Robin Abrams to lead the new division. [NYP] — David Jeans