At Chelsea Building Effective Rents Increase for Larger and Longer Leases
The School of Audio Engineering (SAE Institute) just joined Yammer and Red Bull as a recent tenant at 218 West 18th Street. Effective rents in the building increase in direct correlation with the lease size and term. Yammer, with 13,504 SF and a five year term is effectively paying $42 PSF. SAE's 27,000 SF, ten year lease cost just under $50, and Red Bull's 41,642 SF, fifteen year lease has effective rent close to $60 PSF. Conclusion? Seems like both landlords and tenants agree that rents in the area will rise to the sixties in the next 10-15 years.
Get the SAE comp information on CompStak
Get the Yammer comp information on CompStak
Get the Red Bull comp information on CompStak |
|