CompStak Expands its NYC Presence With New Lease in Chelsea
The firm has been aggressively adding global office space over the past 12 months and tells GlobeSt.com that it has helped new team members onboard quickly, while becoming fully embedded in the firm's culture.
NEW YORK CITY–CompStak is a rare New York City-based company that not only has had its employees return to the office before many, but also one that is expanding its space.
The company revealed this week that it has doubled its space, signing a five-year lease in Chelsea. Its CEO, Michael Mandel, tells GlobeSt.com that his firm has no reason to move its headquarters from New York City, “given that it is the real estate capital of the world and a massive hub for talent.”
He said this new space provided the company room to grow, which it “desperately needed” as its existing office was “maxed out.”
CompStak intends to make some improvements to the space, but “the space at 675 Avenue of the Americas was beautiful and turn-key – including desks and chairs.
“With construction costs still through the roof, and lead times incredibly long, we ruled out a full build-out very early on. There’s simply no way to amortize the cost and reach a deal that is economically feasible.”
Mandel said the space includes “incredible 13-foot exposed ceilings, massive 10-foot windows, and so much sunlight that you need to wear sunglasses indoors. This, and the building is in a great location for our team with a landlord in GFP that has a fantastic reputation.”
As one of the few companies expanding its office space in NYC, it was certainly a good time to lease space, according to Mandel.
“We’re very happy with the deal we made, and of course, we had all of the data to know what a fair deal is,” he said.
CompStak has required its team members to be back in its offices for three days per week since Oct. 1, 2021.
“This has been a strong competitive advantage for us,” Mandel said. “Since that time, we’ve more than doubled the size of the company, and our new team members have been able to get onboarded quickly, while becoming fully embedded in the CompStak culture.”
The company, which generates commercial real estate data powered by crowdsourcing, has opened new, larger offices in Belgrade, Los Angeles, Chicago, and Atlanta over the past 12 months. It employs 170 team members globally.