November 4, 2021 12:30 PM
Newmark announces that CLEAR (NYSE: YOU), the secure identity company, has just signed a 119,000 square-foot lease at 85 Tenth Avenue, New York. CLEAR will relocate from Midtown to the Vornado/Related-owned asset spanning the entire 9th and10th floors. Newmark’s Vice Chairman Jared Horowitz and Head of New York Consulting, Jason Perla, represented the tenant while Vornado’s Edward Riguardi and Anthony Cugini, with Related’s Stephen Winter, represented ownership in the transaction.
“CLEAR is excited to expand our presence here in New York City. New York remains the world’s most dynamic city - full of energy, talent and opportunity and CLEAR is proud to call New York home,” said Caryn Seidman-Becker. “This new location reaffirms our desire to stay in New York and accommodate CLEAR’s growing team. This new, larger space will help us continue to attract top-tier talent and drive our innovative offerings.”
Founded in 2010, CLEAR has been headquartered in New York for more than a decade, growing from just a handful of employees to more than 400 corporate employees. This new location will further deepen CLEAR’s commitment to New York and serve as their new corporate headquarters, providing the space needed for its accelerated growth.
The firm will almost triple its footprint from approximately 48,000 square feet at its Midtown locations to 119,000 square feet with its new lease at 85 Tenth Avenue. The new office will offer great natural light with newly installed 12’ high bay windows, water views down to the Statue of Liberty, large floorplates with incredible ceiling heights and plentiful nearby amenities. 85 Tenth Ave’s massive capital improvement project will feature a new and modernized lobby with CLEAR’s biometric technology for enhanced entry security, added elevators, an updated entrance facade on Tenth Avenue and the aforementioned new bay windows.
“CLEAR reaffirmed their commitment to the NYC office market, and their choice to relocate to 85 Tenth Avenue further reinforces the recent trend where tenants in a post-pandemic market are drawn to top-quality assets with great ownership that offers a neighborhood of amenities. In addition, the large floor plates with picturesque views provide them a blank canvass to design their workplace of the future,” said Horowitz.” With 85 Tenth’s planned renovation, amazing views and neighborhood, CLEAR saw this as an opportunity to build upon their notable brand and culture.”
85 Tenth Ave is an 11-story office building that was completed in 1913. The property is approximately 635,000 square feet, including 40,500 square feet of restaurant space. It is located on the border of Manhattan’s West Chelsea and The Meatpacking District, offering plenty of notable restaurants and boutique shops at the nearby Chelsea Market and the High Line. 85 Tenth Avenue sits amidst one of the city’s most expansive cultural centers, surrounded by influencers, such as the Whitney Museum, Little Island, Samsung 837, Apple and Diane von Furstenberg.
According to Newmark Research, the Midtown South availability rate decreased from 19.1% last quarter to 18.3% in Q3 2021, reversing a steady quarterly rise from 8.0% in 2Q19. The decrease was spread across four of the five Midtown South Submarkets. NoHo/SoHo, Hudson Square/Meatpacking and Chelsea saw rates fall between 90 and 200 basis points from last quarter.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.