Commercial Property News | Futterman Expands Business with Plans to Open Offices Nationally
New York, NY— Robert K. Futterman & Associates (LLC) has an aggressive growth strategy in the works. The retail leasing and investment brokerage firm plans to open offices in major cities around the country during the next five years to better position itself to represent the big nationally known retailers among which it already has a large clientele.
Having just opened an office in Las Vegas, it could follow as soon as April with an office in Santa Monica and this fall with one in Miami. Next stops: Chicago, Boston, San Francisco, Atlanta and Dallas.
“There’s a real need in the market,” observed CEO Robert Futterman, pointing to the lack of a national brokerage specialist focused on retail.
The firm last year closed 1.9 million square feet of deals, valued at about $1.3 billion. “We’ve grown in the New York metro area, and we’ve gotten such great exposure that it’s worked out that owners and tenants recognize us.”
The company got a further boost last year when it hired Mitch Friedel from The Related Cos., where he was involved in leasing such high-profile properties as the new Time Warner Center in New York City and CityPlace West in West Palm Beach, Fla. Friedel is overseeing a new division focused on providing consulting, merchandising and other services for retail property owners. Clients include The Mills Corp. for its Xanadu project in Secaucus, N.J., as well as properties in Naples, Fla.; Bloomfield Hills, Mich.; Wayne, N.J.; and Long Island. Friedel is one of 18 brokers the company brought on last year.
The brokerage firm started its expansion with Las Vegas due to the large amount of business it is already doing there, including a new contract to lease the 1.7 million-square-foot Town Square Las Vegas project. It is also co-leasing agent on Desert Passage, leased up a number of stores in phase III of the Forum Shops and is close to signing another 1 million-square-foot contract, according to Futterman.
The Santa Monica office represents an expansion from an existing three-person office in Malibu that was started about a year ago, when a partner moved to the West Coast. The new office will have as many as 10 people. And the Miami office, to be located in space now under contract on Lincoln Road, will total five to six people, Futterman said. The company already has several assignments along Lincoln Road, he said, and is leasing up retail and restaurant space in the soon-to-be-built W hotel in South Beach.
As part of its expansion, the company also expanded its market research department last year. “We’ve evolved over the last few years,” Futterman said.
The country’s leading independent real estate firm specializing in retail leasing and investment sales, New York-based Robert K. Futterman & Associates (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $1.75 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities in New York City, its suburbs and throughout the United States for leading American and international chains, retailers, developers and institutional clients.