A Fresh Take on CRE

NY Weekly Comp Digest: Communications Firm Leases Downtown, Sublease Turns Direct on Broadway

Every week, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.

   
40 Fulton Street

Communications Firm Leases Downtown

Articulate Communications signed a lease for 4,065 SF on the 15th floor of 40 Fulton Street. The starting rent for the 10-year lease is in the mid-$30s PSF, which is in line with other recent leases in the building, such as Azimuth on the 12th floor of the building. Articulate Communications' current address is on the 11th floor of 350 Seventh Avenue, where recent leases include ADT Security Services, which signed for low-$40s PSF starting rent on the 14th floor.



   
140 Broadway


Sublease Turns Direct on Broadway

In 2007, Monitor Group took 51,000 SF on the the 49th and 50th floors of 140 Broadway. A couple years later, eClinicalWorks subleased 12,500 SF from Monitor Group on part of the 50th floor. Earlier this year, Monitor was acquired by Deloitte, and two leases followed: Deloitte contracted from the 51,000 SF on the two full floors to just under 40,000 SF on the entire 49th and part of the 50th floor, and eClinicalWorks signed a direct deal for 12,500 SF on the 50th floor. Monitor Group's original starting rent was just below $60 PSF, and eClinicalWorks sublease starting rent was in the mid-$30s PSF. Both Deloitte and eClinicalWorks will pay rent starting in the $50s PSF for the new leases.



   
597 Fifth

Duplex Penthouse Subleased at The Scribner Building

Icreon Tech signed a sublease for over 8,000 SF on the 12th and 13th floors of 597 Fifth Avenue. The rent Icreon will pay for the duplex penthouse is in the mid-$50s PSF, for just under four years. The sublessor, Galtere, signed its lease in 2010 and is currently paying rent in the low-$50s PSF. To view other listings in the building, visit 42floors.