A Fresh Take on CRE

NY Weekly Comp Digest: Spotify Expands in Chelsea, RCA Relocates on Fifth 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.

   
620 Avenue of the Americas in Chelsea

Spotify Expands in Chelsea

Spotify signed a lease for additional 52,000 SF on the third floor of 620 Avenue of the Americas in Chelsea. The starting rent for the expansion is in the low-$50s PSF, which is in line with what Spotify is paying on its original 63,285 SF lease on the seventh floor. Last year, MediaOcean leased 88,387 SF in the building for rent in the mid-$50s PSF.



   
110 Fifth Avenue

Real Capital Analytics Relocates on Fifth Avenue

Real Capital Analytics will relocate from 139 Fifth Avenue, where it currently has 11,000 SF across two floors, down to 110 Fifth Avenue, where the company will lease 16,282 SF on the seventh floor of the building. RCA will pay rent in the low-$60s PSF, a similar rent to James Mintz Group, which leased the eighth floor a few months earlier. This rent is also similar to RCA's rent in its current location.



   
75 Broad Street

Al Dente Downtown

Prodotti Mediterranei Inc (PMI), the US subsidiary of the well-known pasta maker De Cecco, will relocate from 120 East 42nd Street to 5,596 SF on the fourth floor of 75 Broad Street. The starting rent for the new lease will be in the mid-$30s, and is in line with other leases in the building, such as CEIS Review on the eighth floor. Prodotti's lease term will be ten years after five months of free rent, while CEIS will start its seven-year obligation with two months free.