675 Ave. of the Americas. Picture courtesy of GFP Actual Property
Industrial actual property information and analytics platform CompStak has doubled its New York Metropolis footprint with a 25,644-square-foot, five-year lease, The corporate has inked an settlement at GFP Actual Property’s mixed-use 675 Ave. of the Americas, in Manhattan’s Chelsea neighborhood.
The fourth flooring of the workplace constructing will function the agency’s new world headquarters. Newmark labored on behalf of each events within the lease signing, with GFP Actual Property Chairman Jeff Gural additionally representing the owner.
With ongoing operations at Cooper Sq. Associates’ 36 Cooper Sq. as nicely, CompStak joined the prevailing tenant roster on the property, together with Guidepoint World, Nielsen and Michaels, amongst others. The latter signed a 32,000-square-foot lease renewal with GFP again in August. The agency’s new workplace house is Quartz Media’s former house.
675 Ave. of the Americas was initially accomplished in 1901 for the Adams Dry Items division retailer, on the west facet of the sixth Avenue, between the twenty first and twenty second Streets. The historic constructing underwent beauty renovations in 1986, 1998, and 2013, in keeping with CommercialEdge.
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The 311,000-square-foot property was designed by Delemos & Cordes and constructed across the identical time because the famed Flatiron Constructing, as revealed by Metro Manhattan. The identical supply signifies that GFP Actual Property picked up the asset again in 2019 for $89 million from Chelsea Inexperienced Associates. The property is topic to a 48-year unsubordinated internet floor lease held by Avemer Associates, carrying a 2032 maturity date, as proven by CommercialEdge.
Returning to New York Metropolis’s choices
Regardless of the continuing tech downsizing within the Northeast, analyzed in a current CommercialEdge report, CompStak’s Co-Founder & CEO Michael Mandel mentioned in a ready assertion that the workplace enlargement at 675 Ave. of the Americas is supposed to facilitate its return to the workplace. The corporate bucked the development by shifting employees again into the workplace greater than a yr in the past, as many corporations, particularly within the tech house, have determined to go absolutely distant in recent times.
CompStak has not too long ago revealed a market report which helps the rising “flight to high quality” development amongst workplace tenants. The corporate’s findings disclose that 63 % of tenants moved from one Class A constructing to a different and 13.4 % of them upgraded their areas from Class B to Class A buildings.
Situated in Manhattan’s Flatiron district, lower than one mile from Union Sq. Park, Madison Sq. Park and Gramercy Park, 675 Ave. of the Americas is accessible by way of a number of subway traces. An array of New York Metropolis’s retail, eating, and leisure locations are additionally close by.
Newmark Managing Director Anthony Sciacca, Govt Managing Director Robert Silver, along with Affiliate Administrators Brittany Silver and Jamie Jacobs represented the owner within the transaction, whereas Director Todd Hershman brokered the lease signing on behalf of the tenant.