Finding a New Home for INTA in New York City: An Interview with Mitch Arkin and Kelli Berke

Mitch Arkin (Cushman & Wakefield, USA)

Earlier this year, INTA completed the third relocation of its New York City headquarters in 12 years, to 733 Third Avenue in Midtown Manhattan, just a few blocks north of its previous location.

It was an important move for the Association as it allowed for downsizing from a space that could seat around 70 staff to a smaller space accommodating approximately 20 staff. As INTA CEO Etienne Sanz de Acedo noted in an open letter to members following the move, “Our new office is more than just a new address; it has been thoughtfully selected to better align with our evolving needs as an organization. … This move also represents a strategic decision for the Association. The new office will lead to significant savings, allowing us to allocate resources more effectively to better serve our mission and goals—and you—our members.”

Kelli Berke (Cushman & Wakefield, USA)

INTA contracted Cushman & Wakefield (C&W) to facilitate the move. A leading global commercial real estate services firm for property owners and occupiers, C&W has approximately 52,000 employees in nearly 400 offices, across 60 countries worldwide.

Now, six months after the move—and as the post-COVID-19 real estate market continues to undergo its most dramatic change in decades—the INTA Bulletin editorial team has invited C&W’s Mitch Arkin and Kelli Berke to reflect on INTA’s office move and share insights into New York City’s shifting real estate market.

Mitch Arkin joined C&W in 1999 with a background in development and leasing. Now serving in the role of Executive Managing Director, he has more than four decades of experience focusing on office leasing transactions in New York City and Long Island City. His in-depth understanding of the technical aspects of the physical plant and leasing documents, combined with expertise in asset marketing and brand development, contributes to his strong advisory role with clients.

Kelli Berke has been with C&W for the past 14 years. Now in the role of Director, her responsibilities have included negotiating leases, developing budgets, and implementing marketing plans. Ms. Berke has been involved in notable lease transactions and has provided brokerage services to some of the city’s most prestigious companies, including those in financial services, law, fashion, technology, executive search, and media.

When INTA’s previous building at 675 Third Avenue was slated for residential conversion, how did you approach negotiating an early lease termination on our behalf?
Mitch Arkin: We stayed ahead of the conversion plans. Before we learned about the potential conversion, we began touring alternative spaces and identified an opportunity that allowed INTA to right-size.

As it turns out, one of the alternative spaces was in a Durst building, which also owned the building INTA was located in at the time. As part of our proposal for that new space, we asked for a clean termination at 675 Third Avenue, and The Durst Organization agreed, with no fees or costs to INTA, resulting in over US$ 8 million in savings to the Association. It was a seamless solution that benefited everyone.

What were INTA’s main priorities in selecting a new space—cost, location, size, or quality of environment? How did you balance those needs?
Kelli Berke: INTA prioritized a balance of cost-efficiency, location, and quality of space. They wanted to maintain a Midtown presence while reducing their footprint to better align with their hybrid work model. We focused on high-quality, move-in-ready spaces that offered natural light and an elevated work environment. Our approach ensured we met all of their priorities without compromising in any one area.

How did you identify 733 Third Avenue as the right fit? What made that building and specific space stand out for INTA?
MA: 733 Third Avenue quickly rose to the top of our list. It checked all the boxes: a premier Midtown East location, a smaller floorplate that matched INTA’s post-COVID space needs, it was already built and furnished, and offered a bright, high-floor presence with impressive views.

Beyond the cost savings, the new office offers a brighter space on a higher floor. How do you see this improved environment benefiting the client and their team?
KB: A common hurdle today is getting employees to come to the office; in that regard, the improved light and views have made a meaningful impact. A brighter, more modern workspace on a higher floor not only enhances employee satisfaction but also supports INTA’s efforts to encourage in-office collaboration. It’s a more inviting and inspiring environment that reflects their mission and culture—making it easier to attract and retain talent.

New buildings continue to go up in New York City, which remains a global business hub. In the post-COVID “new normal,” is the city still attracting new tenants?
MA: New York City continues to be the center of the business world, and in turn has continued to attract new tenants to the city’s office stock.

In Q2 2025, new leasing activity in New York City surged to 8.4 million square feet—the highest level since Q4 2019. This performance is on pace to make 2025 the strongest year for leasing in New York City in nearly six years, driven by sustained demand for high-quality office spaces and a decline in vacancy rates.

In the 20 Manhattan markets tracked by C&W, year-to-date leasing volume reached 15.7 million square feet, reflecting a 38.3 percent year-over-year increase.

How do New York City’s current vacancy rates compare to pre-pandemic rates?
KB: While vacancy is still higher than pre-COVID rates, during Q2 2025, Manhattan’s overall vacancy rate declined for the fourth consecutive quarter to 22.6 percent, driven primarily by a reduction in sublease supply, which fell to 16.8 million square feet, reaching its lowest level since Q3 2020.

Are occupiers continuing to avoid capital expenditure, and how is this trend affecting negotiations between potential occupants and building owners?
MA: Yes, many occupiers are continuing to avoid capital expenditure, especially as they remain focused on flexibility, cost control, and preserving cash. This trend has significantly shaped negotiations, with tenants increasingly favoring turnkey or landlord-built solutions over funding their own buildouts.

Landlords, who are in the business of building space, can typically execute construction more efficiently and cost-effectively due to economies of scale, established vendor relationships, and in-house project teams. This shift has made landlord-built space not only more appealing but often faster and cheaper for tenants, leading to shorter negotiation timelines and quicker occupancy.

Our understanding is that construction costs have increased over the past few years. How are landlords navigating this issue in terms of attracting and securing new tenants?
KB: Despite rising construction costs, landlords are still investing in pre-built and turnkey spaces to meet tenant demand and avoid losing deals to inertia. By leveraging economies of scale and controlling the process, they can deliver high-quality space more efficiently than most occupiers—keeping spaces competitive and move-in ready.

Looking at return to work mandates, it seems that most employers are still grappling with this issue and, indeed, some major employers are requiring staff back in the office five days a week. What are you seeing among your clients?
MA: We are seeing a return-to-office trend with our clients as well. Collaboration remains an important part of every company’s culture—the need to collaborate in person is what is driving many of these return-to-office mandates.

How is this ongoing challenge impacting the market and lease negotiations?
KB: The strong leasing performance in Q2 puts us on pace to have 2025 be the strongest year for leasing activity in Manhattan in nearly six years, driven by sustained demand for high-quality office spaces and a decline in vacancy rates. The market is tightening, but it’s still a tenant’s market. And when there’s a high-quality tenant interested, landlords don’t want to let that opportunity go.

There’s a lot of debate about conversions of commercial buildings into residential or mixed-use buildings. What’s been the impact of commercial-to-residential conversions on rental rates and neighborhoods?
MA: We’ve seen a noticeable uptick in residential conversions, particularly along Third Avenue. As these office tenants are displaced, there’s often a sense of urgency to relocate, leading to a tightening of the office market and upward pressure on rents in certain submarkets.

At the same time, this trend is reducing overall office inventory. This is helping to stabilize or even strengthen the market for well-located, high-quality office space.

What are the pros and cons of this trend in residential conversions for the city and for New Yorkers? KB: The upside is clear: it helps address the city’s housing shortage and revitalizes underutilized buildings. But the downside is a shrinking supply of affordable office space, which could squeeze smaller businesses and nonprofits that rely on Class B/C options.

How do you ultimately see this playing out in New York City?
MA: We expect more targeted conversions in areas with weaker office demand and favorable zoning. It won’t be a citywide solution, but where it works, it can benefit both the real estate market and New Yorkers by creating more vibrant, mixed-use neighborhoods.

Finally, what advice do you have for business leaders and owners looking to move into new office space in the near future?
KB: Start planning early—because time is leverage—and surround yourself with a strong, knowledgeable broker. Market dynamics, construction timelines, and lease negotiations all take longer than expected.

MA: Being proactive and realistic about timing and costs can help avoid rushed decisions and secure a better long-term outcome.

Although every effort has been made to verify the accuracy of this article, readers are urged to check independently on matters of specific concern or interest. The opinions expressed in this interview are that of the person being interviewed and do not purport to reflect the views of INTA or its members.

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