Multiple Floors Leased on Broadway
A national education non-profit has leased 172,775 square feet across four floors for an 18-years term at 25 Broadway. The organization will pay rent in the low-$30s and will get over a year in free rent. Low-$30s is also what a co-working space just agreed on for its recent expansion on the fifth floor, which will bring them to a total of almost 130K square feet in the building.
One New York Plaza Floor Filled
Shortly after an architecture firm had signed its lease for 26,354 square feet on a portion of the 42nd floor, the rest of the floor was taken by an insurance regulation association. The association has signed a lease for 19,218 square feet and a thirteen years term, two years less than the architecture firm. The starting rent for both firms is in the low-$40s, with about a $1 difference, with a slight difference in the amount of free rent as well. The effective rent for both companies is in the mid to high-$30s, similar to other leases in the building.
Internet Giant Expands at Empire State Building
An internet giant continued its expansion at the iconic tower located at 350 Fifth Avenue by taking an additional 43,401 square feet on the entire 28th floor and part of the 24th. The company will be paying starting rent around $50 PSF, slightly higher than the high-$40s rent the company signed for its latest expansion on the 22nd floor. The term of this newest expansion will be twelve years.