Adelaide Polsinelli, Vice Chairman of Compass, a publicly traded, technology-driven, real estate platform, along with director, Lauren Curcio, also of Compass, have successfully leased +/- 22,100 square feet of industrial warehouse space, to Ben Krall’s Urban Umbrella.
The property is located at 154 Morgan Avenue, in Brooklyn’s bustling Williamsburg neighborhood. Urban Umbrella signed a five-year sublease with distribution company, AxleHire.Terreno Realty Corp is the owner of the property. Urban Umbrella had previously relied on third-party scaffolding companies to manage its last-mile operations and logistics, but having just completed its 300th project and with insatiable demand in multiple cities, Urban Umbrella hit an inflection point where it made sense to operate its own warehouse.
Ben Krall, the CEO and Founder of UrbanUmbrella, commented that “Our new facility is a sign of our seven-year journey to disrupt the traditional, sleepy scaffolding industry; we are more than excited to build a new home in Brooklyn”. Afforded a special color and design privileges per the New York City Building Co, Urban Umbrella is the only company allowed to produce alternate-color sidewalk bridging and construction fencing. All scaffolding companies besides Urban Umbrella may be fined up to $10,000 if their scaffolding is not “hunter green.” As a result, the business has been booming for the NYC-based company that also has offices in Tribcea and Canada.
Urban Umbrella completed its first project in Montréal this week, installing one of its new products outside the National Bank Tower at 600 Rue de la Gauchetière Ouest. Urban Umbrella’s white premium sidewalk scaffolding product was installed as the 1983 office building undergoes renovations led by JCB Construction Canada, a forward-thinking Canadian contractor.
After touring many sites, we targeted this exceptional sublet opportunity. 154 Morgan Avenue is a perfect situation for Urban Umbrella. Its proximity to many of Urban Umbrella’s current projects will enable the firm to capitalize on expansion into the boroughs as well as national markets,” commented Polsinelli.
“Working with a trail blazer like Urban Umbrella, made the assignment an extremely rewarding experience”, concluded Curcio.
Cushman & Wakefield’s Rico Murtha, Sonny Singh and Helen Paul represented the sub-lessor in the deal.
For more information, please contact:
Adelaide Polsinelli 646-418-7695 or apolsinelli@compass.com
About Urban Umbrella:
Urban Umbrella is the sole designer, patent holder, supplier, and fabricator of the only city-approved alternative to traditional sidewalk scaffolding and overhead protection on the market. While we are New York City-based, our partnerships allow us to provide our services in any North American city at a moment’s notice. We are currently operational in eleven markets across the United States and Canada. Over the last seven years, we have completed 275+ jobs with the world’s top developers, property owners, property managers, brands, and contractors.
About Polsinelli:
With over 30 years of experience, Polsinelli has sold over 1,500 properties, valued at over $40 billion in every asset class including multifamily, retail, office, development, note sales, air rights, partnership interests, unsold shares and retail condos. She has sold over $1.5 billion in the last few years, spanning NYC, Miami, Boston, Chicago and most of the northeast corridor. Prior to joining Compass, she was a Principal at the now defunct, Eastern Consolidated.
About Curcio:
Lauren is a driven and outgoing licensed real estate agent, with over a decade ofreal estate experience successfully selling, leasingand managing commercial and residential properties in the New York Metro area. Specializing in retail, office, specialty industrial and residential investment properties, Lauren has leased over +/-100,000 SQ. FT of commercial real estate and is currently active in the Brooklyn and Queens sector. Prior to joining Compass, she was an EVP at Worth Property Group.
About Compass:
Compass is a technology-driven real estate platform dedicated to creating a seamless and intelligent buying, selling, and leasing experience. Combining the country’s top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. With $1.95 Billion in revenue, and $77 Billion in sales volume, Compass has 238 offices with locations in 122 markets, including New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen. New funding fuels international expansion, enhanced technology developments for agents and consumers. Compass was founded by Ori Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs’ President & COO.
