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03/20/2013
WeWork Takes Eight Floors at 222 Broadway

WeWork has just added 120,000 SF in the Downtown building to its growing network of co-working spaces. The starting rent for the 15-years lease ranges from the lower to the higher $40s depending on the floor. While the rent is on the higher end for Downtown, it will allow WeWork to offer its startup customers offices in an area that is becoming increasingly popular. WeWork's other Manhattan locations include 175 Varick in Midtown South as well as 261 Madison and 54 West 40th in Midtown.
 

Get the WeWork 18-19 floor comp on CompStak
Get the WeWork 20-23 floor comp on CompStak
Get the WeWork 24-25 floor comp on CompStak

401 Park Avenue South: Vitech Systems Renews, GFK Leaves to Move Downtown

Vitech Systems renewed its leases on the 4th and 12th floors of 401 Park Avenue South with rent in the $50s. At the same time, GFK has decided not to renew the $33 PSF lease on the 8th floor and instead moved to a 75,000 SF consolidated office at 1 World Financial Center. The lower rent Downtown (low $40s) may have been GFK's motive for the move.
 

Get the Vitech Systems 4th floor comp on CompStak
Get the Vitech Systems 12th floor comp on CompStak
Get the GFK 401 Park Ave South comp om CompStak
Get the GFK 1 WFC comp om CompStak

Penn Mutual Expands to Fill the Entire Third Floor at Two Park Avenue

The life insurance company has occupied half of the third floor (24,003 SF) since 2004 with rent in the $30s and added an additional 5,000 SF in 2007. Penn will now occupy the full 48,614 SF floor with base rent averaging around $50 PSF. Other tenants at Two Park include the Gilt Groupe on the fourth and fifth floors and Kate Spade on floors eight and twelve.

Get the Penn Mutual 2004 comp on CompStak
G
et the Penn Mutual 2013 comp on CompStak

For comments or questions about the Weekly Comps Digest please email Noam@CompStak.com

03/20/2013 - 11:30

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