The Agency, a global real estate brokerage firm that’s the spotlight of the new Netflix show “Buying Beverly Hills,” is set to open its first New York office.
The firm has signed a 10-year lease spanning 8,551 square feet for the entire third floor of 88 University Place between east 11th and 12th streets in the Union Square neighborhood, landlord Arch Cos. said in a statement. The office will serve as The Agency's East Coast headquarters, led by Molly Townsend, senior vice president and managing partner.
The Beverly Hills, California-based brokerage firm plans to move to its new space in March.
“Our expansion in New York City is an exciting next chapter for The Agency as we continue to grow our presence in major metropolitan markets across the globe,” Mauricio Umansky, founder and CEO, said in the statement.
The Manhattan expansion comes after the May purchase of New York-based boutique brokerage firm Triplemint in an all-equity transaction. The Agency has emerged as a national luxury player through the acquisition and has expanded to more than 65 company-owned and franchise offices globally, making it one of the fastest-growing luxury boutique brokerages in the world, according to the statement.
The Agency, which brokers deals across residential, new development, resort real estate, luxury leasing and vacation rentals, has closed more than $45 billion real estate transactions since 2011 and has over 70 offices in eight countries, the statement said.
“The building is in the heart of Union Square, at the crossroads of Nomad, Park Avenue South and Greenwich Village and is rich with transportation and restaurants,” JLL Executive Managing Director Sam Seiler, who represents Arch Cos. in the building’s leasing along with Joseph Sipala and Kristen Morgan, said in the statement.
Scott Bogetti, Savills corporate managing director who represented The Agency, said the lease followed “an extensive search,” adding the company was attracted to the building's amenities, location and overall design.