A Fresh Take on CRE

NY Weekly Comp Digest: Media Company Joins Others at Midtown Building, Floor Subleased at Two Park Avenue

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Every week, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.
229 West 43rd Street

Media Company Joins Others at Midtown Building

The media company will relocate from 99 Park Avenue, where the company has 31,615 SF on the fifth floor, to 57,929 SF on the eighth floor of 229 West 43rd Street. The starting rent in the new digs will be in the mid-$60s PSF, while the media company's rent is currently in the high-$30s PSF. The company put its current offices up for sublease and will now share the same address with Yahoo, AlphaSights, 10gen and others.
Two Park Avenue

Floor Subleased at Two Park Avenue

A Textile firm inked a 47,012 SF sublease through early 2022 for the entire 17th floor of Two Park Avenue. The company, which will be subleasing the space from cosmetics giant Coty, will be paying rent starting in the mid-$40s PSF, while a global beauty product manufacturer is currently paying rent in the low-$40s PSF. As expected for a sublease, the rent the textile firm is paying is lower than other recent leases in the building, such as Talbots and Kate Spade, which pay rent in the $50s PSF.
1407 Broadway

Repositioning Starts with Lands' End

A clothing retailer signed a lease for 13,729 SF on the entire 27th floor of 1407 Broadway. The retailer will pay rent in the mid-$50s PSF. The building's rising rent reflects repositioning efforts by a real estate investment company. In 2013, GoGo Tech signed a lease for a similar size on the 7th floor with starting rent in the mid-$40s PSF, and, back in 2009, an apparel company took the 30th floor of the building for rent in the high-$30s PSF.