Weekly Comp Digest
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Weekly Comp Digest: 9/18/13
Every Wednesday, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.
WeWork Expands Downtown to 25 Broadway
Only a few months after taking over 123,000 SF downtown at 222 Broadway, WeWork is taking another 86,000 SF just down the road at 25 Broadway, as The Real Deal reported with CompStak data. WeWork will pay starting rent in the low-$30s PSF for the 9th and 10th floors in the 22-floor building. The rent will commence after more than a year in free rent. The lease also includes a generous amount of TI that will reduce the effective rent over the 20-year term to just shy of $30 PSF.
Isis Expands its Sublease at 230 Park Ave.
JVL Ventures, better known as Isis Mobile Wallet, expanded at 230 Park Avenue by subleasing the 27th floor of the building. The starting rent for the 22,246 SF space will be in the mid-$40s PSF for the seven-year lease. In 2010, the 27th floor was subleased to 1010 Data for rent in the mid-$30s for two years. Recent leases in the building include Reed Elsevier's 71,083 SF lease with starting rent in the low-$50s.
Owners Play Musical Chairs at 100-104 Fifth
Virgin Mobile renewed its lease on its 5,000 SF space on the 18th floor of 100-104 Fifth Avenue. The wireless service provider will pay flat rent in the low-$70s PSF for five years, after paying rent in the low-$60s PSF for the previous five years. 100-104 Fifth changed hands several times in recent years and was recently purchased by Clarion Partners from the Kaufman Organization and Invesco Real Estate. Previous owners in the past ten years include Rock Joint Ventures, Atlas Capital Group, and Kinney-Hill Associates. Rents at 100-104 Fifth Ave. are up from the mid-$20s PSF in 2004.