A Fresh Take on CRE

NY Weekly Comp Digest: Six Floors Taken at the McGraw-Hill Building, Internet Companies Love Chelsea

111 West 19th St.
Internet Companies Love Chelsea     The Barbarian Group, which "makes stuff the internet loves," signed a lease for 23,000 SF on the seventh floor of 111 West 19th Street in Chelsea. The starting rent for the space, in the high-$40s PSF, is more than double the starting rent of the previous occupant. Previously, the seventh floor was leased to Vidipax, who paid rent in the mid-$20s PSF. The Barbarian Group will lease the space for ten years and will receive almost a year's worth of concessions.
388 Market
Six Floors Taken at the McGraw-Hill Building     Mayer Brown signed a lease and will relocate to floors 11-14 at 1221 Avenue of the Americas. The firm will pay starting rent in the mid-$60s PSF for the 186,804 SF space, and it will get about a year in free rent in the 15-year lease. Earlier this year, NBCUniversal expanded its space in the building by 95,648 SF on floors 27-28. The starting rent for these higher floors was in the low-$70s PSF, and the deal was sweetened with slightly-less than a year in free rent. The lease is coterminous with NBC's existing lease in the building, and set to expire in 2021.
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Two Floors Subleased at 535 Madison Avenue   Jaguar Growth Partners subleased the second floor of 535 Madison Avenue for rent in the mid-$50s PSF. The sublessor of the 11,429 SF space is Canaccord Genuity, which is currently paying around $80 PSF. Canaccord also leased its space on the third floor, to MediaMath, who will use it to house their unit Adroit Digital. The third floor space is 11,889 SF and will get the same rent in the mid-$50s PSF. Both subleases will expire in early 2016.