NEW YORK CITY—RFR Realty has retained Jones Lang LaSalle as its exclusive leasing agent for the firm's portfolio of office buildings throughout New York City. RFR is establishing a leasing platform for JLL to represent the 14-building, 5 million square foot New York City office portfolio.
The move will prompt a downsizing of RFR's in-house team of nine brokers; just four will remain, president Gregg Popkin tells GlobeSt.com. “We will have a greater reliance on the information provided to us by JLL and the brokers there will be market facing instead of our brokers out showing space.
However, RFR's in-house team will still have work to do, Popkin explains. “We'll still drive the process and decision making. . This is a move based on creating momentum and velocity of leasing with more brokers, greater market exposure and connectivity. We'll have more leases signed this way and—we hope—better representation on pricing.”
RFR's new retail division—which just was announced on Thursday and will be led by Jordan Claffey—will continue to represent the firm's retail holdings throughout its portfolio.
A team of 14 JLL brokers, led by Mitchell Konsker and Alexander Chudnoff, will direct leasing for the RFR office portfolio. This team has successfully executed more than 1.5 million square feet of leases at RFR properties, and already serves as exclusive leasing agent for RFR's 350 Madison Ave., 285 Madison Ave. and 757 Third Ave.
The expansion of the leasing relationship will add such properties as the Seagram Building (375 Park Ave.), Lever House (390 Park Ave.), 17 State Street, 980 Madison Ave., 275 Madison Ave., 90 Fifth Ave., and 160 Fifth Ave. to the platform.
JLL has proven itself as the right firm for the job, says Popkin. “The team there has done a great job in handling a lot of leasing with us over the last 15 years. They know us and we know them.”
Adds Konsker, “Our team will provide enhanced reach into the tenant market and maximize the value of the portfolio through a proactive leasing and retention and attraction program.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
