April 20, 2022 10:00 AM
Newmark announces that venture studio 25madison has signed a 9,943-square-foot lease at 817 Broadway, a 15-story Class A office building located near Union Square in Manhattan. The firm will relocate from its previous location at 853 Broadway to accommodate its expanded venture platform, which includes an early stage venture studio and VC fund.
Newmark Vice Chairman Ben Shapiro and Associate Director John Cilmi represented 25madison in the transaction. The asset owner, a joint venture between Taconic Partners, Nuveen Real Estate and Squire Investments, was represented by Newmark President New York Tri-State Region David Falk, Executive Managing Directors Jason Greenstein and Daniel Levine and Director Jordyn Comras.
817 Broadway has become a hub for venture capital and tech firms that seek to co-locate with like-minded tenants. The building features communal outdoor space with surrounding views of the city, oversized windows with panoramic views, new elevators and a modernized lobby designed by Studios. Four full-floor, highly stylized prebuilt suites remain available within the building. Major tenants in the building include Steadview Capital Management, Inspired Capital, Union Square Ventures and Avenir.
“Union Square has become an extension of Silicon Alley, as evidenced by the top-tier venture capital and tech firms gravitating to the area,” said Shapiro. “New York’s startup ecosystem is thriving, and we are confident 25madison will continue its success in their new state-of-the-art location.”
According to Newmark Research, the Midtown South availability rate declined during the third and fourth quarters of 2021 after increasing for nine consecutive quarters. The availability rate fell 70 basis points from the prior quarter to 17.6% during the fourth quarter. This followed a quarter of limited space additions to the market and the lease-up of multiple large blocks of 100,000 square feet or larger. Asking rents in Midtown South increased to an average of $78.90 per square foot during the fourth quarter, with one of the largest increases occurring in the Flatiron/Union Square submarket, where rents rose by $3.22 per square foot.
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 $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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