Situs to Hire 30 With 12,064 Square Foot 1 Madison Avenue Lease

Commercial real estate services provider, The Situs Companies, has moved one of its top executives from Houston to New York City to open a second New York office and hire 30 due diligence experts. The firm will take occupancy of just over 12,000 SF in 1 Madison Avenue on April 1. The expansion will take the firm to 60 people in New York and over 300 companywide between its headquarters in Houston, and offices in London and Boca Raton.

New York (PRWeb) February 14, 2007 -- Officials of The Situs Companies announced today that the global real estate services firm has signed a 10-year lease with SL Green Realty Corp for 12,064 SF on the fifth floor of 1 Madison Avenue, and plans to hire an additional 30 people to work due diligence assignments from the location.

According to Situs Principal Steven Powel, who has relocated to New York from the firm's Houston headquarters, the expansion will take the firm to 60 people in New York and over 300 companywide. Situs currently has a second New York office at 60 East 42nd St., its headquarters in Houston, and additional offices in Boca Raton, Fla., and London.

Powel said Situs established a New York office approximately four years ago to more effectively service clients in the Tri-State area.

"We're intent on maintaining our high-touch level of service worldwide as our volume of business increases," said Powel. "That focus is driving this move to expand our New York team."

Situs will take occupancy of the 1 Madison Avenue space April 1. Other terms of the lease were not disclosed. Ryan Kass, an associate director at Newmark Knight Frank, represented Situs in negotiating the lease.

The Situs Companies is a leading provider of commercial real estate services and consulting solutions for all property types to financial institutions, institutional investors, private owners and developers. Headquartered in Houston since its founding in 1985, the firm employs nearly 300 real estate professionals in offices throughout the United States and Europe with immediate plans for further expansion. During 2006, Situs conducted due diligence assignments involving over 10,000 properties worldwide valued at $56 billion USD.

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