A Fresh Take on CRE

NY Weekly Comp Digest: Essence Replaces Buzzfeed at 54 W 21st St., Dragados Relocates to 810 Seventh Ave.




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




Essence Replaces Buzzfeed on W 21st Street

Essence Digital will relocate from 120 Fifth Avenue, where they are currently subleasing 6,200 SQFT, to 54 West 21st Street. The digital agency will fill Buzzfeed's former office, about 20,000 SQFT on the 11th and 12th floor, in the new space. Essence will pay rent in the $60s PSF for seven years. Buzzfeed is currently subleasing space from Tiffany at 200 Fifth Avenue, as we previously reported.







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Fundtech to Open New York Office

Fundtech is set to open a new office in New York on the 40th floor of 140 Broadway. The financial tech company will pay around $50 PSF in rent for the 26,206 SQFT turnkey space, which was valued at $70 PSF. The term of the lease is 10 years, and it comes with about 10 months of free rent. Fundtech's rent is in line with recent leases in the building, such as the Psilos Group lease.







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Dragados Construction Relocates in Midtown

Dragados Construction will relocate from 500 Fifth Avenue to 810 Seventh Avenue. The new space, which is 22,437 SQFT, takes up the entire ninth floor. Dragados will pay rent starting in the mid $40s PSF for 15 years. The landlord, SL Green, was asking for $52 PSF for the space, and the installation was valued at $65 PSF. To view the space, you can visit VTS. Recent leases at 500 Fifth Avenue include the University of Oxford, with rent in the mid $60s PSF.







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Questions about the Weekly Comp Digest? Noam@CompStak.com