Sublease Turns Direct on Broadway
In 2007, Monitor Group took 51,000 SF on the the 49th and 50th floors of 140 Broadway. A couple years later, eClinicalWorks subleased 12,500 SF from Monitor Group on part of the 50th floor. Earlier this year, Monitor was acquired by Deloitte, and two leases followed: Deloitte contracted from the 51,000 SF on the two full floors to just under 40,000 SF on the entire 49th and part of the 50th floor, and eClinicalWorks signed a direct deal for 12,500 SF on the 50th floor. Monitor Group's original starting rent was just below $60 PSF, and eClinicalWorks sublease starting rent was in the mid-$30s PSF. Both Deloitte and eClinicalWorks will pay rent starting in the $50s PSF for the new leases.