A Fresh Take on CRE

Weekly Comp Digest: Shutterstock, Marketing Works, Subleases at 810 Seventh Ave




Shutterstock Expands Sixfold, Relocates to 350 Fifth

Shutterstock will leave its 12,477 SF office on the 33rd floor of 60 Broad Street in favor of a space over six times the size on the 20th and 21st floors of the Empire State Building. The rent in the iconic building is around $50 PSF and the deal includes a year of free rent. Surprisingly, this rent is slightly lower than Shutterstock's current rent Downtown.







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Sunshine Sachs Subleases Its Fifth Avenue Office

PR firm Sunshine Sachs recently subleased its entire 11,234 SF office on the seventh floor of 149 Fifth Avenue to Marketing Works for rent starting in the mid $40s. Late last year, Sunshine Sachs moved to a larger, 18,350 SF space on the 17th floor of 136 Madison Avenue. The Madison Avenue rent starts in the high $40s PSF, about 20% higher than Sunshine's current rent at 149 Fifth.










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Sub - Lessees Benefit at 810 Seventh Avenue

Insight Communications (now a part of Time Warner Cable) subleased its two floors at 810 Seventh Avenue. The 41st floor was subleased to DeCorato Cohen Sheehan & Federico at around $30 PSF for two years, while the 40th floor was taken by CompassRock Real Estate at $40 PSF for one year. These deals are more affordable to the sub-lessees compared with recent direct leases in the building. For example, Community Federal Savings Bank is paying rent in the $50s PSF. Asking rent for available offices at 810 Seventh is anywhere from the low $50s to the high $60s according to to 42Floors.







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