A Fresh Take on CRE

Weekly Comp Digest: Yahoo at 229 W 43, EDF at 257 Park Ave South, Various Deals at 80 Broad

 




Yahoo Signs at the Former New York Times Building

Yahoo follows 10gen and IAC's CityGrid into 229 West 43rd Street, the former New York Times Building. Yahoo will lease 176,201 SQFT and occupy four floors with rent in the high $60s PSF. This rent is in line with the other two tech deals, and will be similarly offset by a generous concession package. The average rent for the Times Square submarket is in the $50s PSF.







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Concessions Make a Difference

Environmental Defense Fund (EDF) signed a lease for 36,843 SQFT at 257 Park Avenue South. The nonprofit's starting rent will be in the low $50s, which at first glance seems considerably discounted compared with the $60 PSF rent for neighbor Team Detroit. A closer look reveals, however, that both tenants are paying similar effective rents since Team Detroit received a considerable TIs and Free Rent package.







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A Flow of Deals at 80 Broad

Behavioral Ideas Lab signed a lease for the entire 30th floor at 80 Broad Street. The nonprofit will pay rent in the mid $30s PSF, which is in line with a number of other recent leases in the building, such as Euro Pacific Capital, Mobotix and Sher Tremonte.







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