A Fresh Take on CRE

NY Weekly Comp Digest: Startup Receives Funding & Increases Space at 99 Hudson, Office Suites Company Expands in Midtown South

 

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Startup Receives Funding, Increases Space
Only a month after receiving $14MM in series B funding, HookLogic is ready to increase its staff and its space accordingly. The company will take 11,721 SF on the 9th floor of 99 Hudson Street in a sublease from BGB New York. The rent for the four-year term will be in the low-$50s PSF, which is more than the mid-$40s PSF rent BGB is currently paying for the space. In April, BGB signed a 10-year lease to relocate and expand to a 25,000 SF space at 462 Broadway. The rent for the new space is in the mid-$50s PSF.



   

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A Serial Sublessee Following Capital One's sublease from UBS at 299 Park Avenue, Leerink Swan will take another floor in the building from UBS in a sublease. The starting rent for the 28,643 SF space on the 21st floor will be around $60 PSF for four years. Leerink Swan's current space at 1251 Avenue of the Americas is also a sublease, from Assured Guaranty. The rent for that space is lower - in the mid-$40s PSF, but the space is larger, at about 42,000 SF. Before its sublease at 1251, Leerink was subleasing space at a different address on the Avenue of the Americas - 1325. The 22,603 SF space at 1325 Avenue of the Americas was also for rent in the mid-$40s PSF. photo source: Wikipedia




   

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Office Suites Company Expands in Midtown South
LedianSpace will sublease the entire 9th floor of 373 Park Avenue South, 8,732 SF, from VaynerMedia. The boutique executive office space company will pay starting rent in the low-$40s PSF until late 2016, when VaynerMedia's lease expires. The sublessor itself is currently paying rent in the mid-$30s PSF on the lease that was signed in 2011. A recent lease in the building by DataXu was signed for starting rent in the mid-$40s PSF for the similarly sized 4th floor. Earlier this year, VaynerMedia subleased 33,468 SF on the 15th and 16th floor of the neighboring 315 Park Avenue South for rent in the low-$40s PSF as well. To view the listing for 373 Park Ave. South, visit 42floors.