A Fresh Take on CRE

NY Weekly Comp Digest: Software Provider Doubles Space in Redeveloped Buildings, Animation Company Relocates to Midtown

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Software Provider Doubles Space in Redeveloped Buildings   Infor signed a lease for 49,246 SF on three floors of 635 Avenue of the Americas. The lease represents an expansion for Infor in SL Green's 635-641 Avenue of the Americas two years after the firm took about 43,000 SF at 641. The starting rent for the expansion is in the low-$70s PSF, which comes as a great contrast to the mid-$40s PSF Infor signed for two years ago, which can be attributed both to the boom in prices in Midtown South and the comprehensive redevelopment of the buildings. Asking prices in the building are in the mid-$70s PSF according to the listings on 42Floors.



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Innovation Lab in Chelsea Landmark   Automatic Data Processing (ADP) leased 24,639 on the 4th and 5th floors of 135 West 18th Street, also known as The Altman Building. The provider of business processes and cloud-based solutions will pay starting rent in the mid-$60s PSF during the 10-year term. On September 30th, ADP announced that it will be opening a new innovation lab for technology development in Chelsea. ADP currently has 34,192 SF on the 23rd floor of One Penn Plaza, where it is paying rent in the low-$40s PSF. Recent leases in One Penn Plaza, such as ValueOptions, have starting rent around $60 PSF. To view listings in the building, visit 42floors.



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Animation Company Relocates to Midtown   Animated Storyboard signed a 10-year lease on the 24th and 25th floors of 1001 Avenue of the Americas, just over 10,000 SF of space. The animation company will relocate from the Upper West Side and pay about $50 PSF in starting rent. Previously the 24th floor was leased to Mishaan Dayon & Lieblich, which signed for rent in the mid-$30s PSF in 2011. Recent leases in 1001 Avenue of the Americas include Crossix Solutions, which took the fifth floor for rent in the low-$40s PSF. To view the space, visit VTS.