Commercial real estate data and analytics platform CompStak has doubled its New York City footprint with a 25,644-square-foot, five-year lease, The company has inked an agreement at GFP Real Estate’s mixed-use 675 Ave. of the Americas, in Manhattan’s Chelsea neighborhood.
The fourth floor of the office building will serve as the firm’s new global headquarters. Newmark worked on behalf of both parties in the lease signing, with GFP Real Estate Chairman Jeff Gural also representing the landlord.
With ongoing operations at Cooper Square Associates’ 36 Cooper Square as well, CompStak joined the existing tenant roster at the property, including Guidepoint Global, Nielsen and Michaels, among others. The latter signed a 32,000-square-foot lease renewal with GFP back in August. The firm’s new office space is Quartz Media’s former space.
675 Ave. of the Americas was originally completed in 1901 for the Adams Dry Goods department store, on the west side of the 6th Avenue, between the 21st and 22nd Streets. The historic building underwent cosmetic renovations in 1986, 1998, and 2013, according to CommercialEdge.
The 311,000-square-foot property was designed by Delemos & Cordes and built around the same time as the famed Flatiron Building, as revealed by Metro Manhattan. The same source indicates that GFP Real Estate picked up the asset back in 2019 for $89 million from Chelsea Green Associates. The property is subject to a 48-year unsubordinated net ground lease held by Avemer Associates, carrying a 2032 maturity date, as shown by CommercialEdge.
Returning to New York City’s offerings
Despite the ongoing tech downsizing in the Northeast, analyzed in a recent CommercialEdge report, CompStak’s Co-Founder & CEO Michael Mandel said in a prepared statement that the office expansion at 675 Ave. of the Americas is meant to facilitate its return to the office. The company bucked the trend by moving staff back into the office more than a year ago, as many companies, especially in the tech space, have decided to go fully remote in recent years.
CompStak has recently published a market report which supports the emerging “flight to quality” trend among office tenants. The company’s findings disclose that 63 percent of tenants moved from one Class A building to another and 13.4 percent of them upgraded their spaces from Class B to Class A buildings.
Located in Manhattan’s Flatiron district, less than one mile from Union Square Park, Madison Square Park and Gramercy Park, 675 Ave. of the Americas is accessible via several subway lines. An array of New York City’s retail, dining, and entertainment destinations are also nearby.
Newmark Managing Director Anthony Sciacca, Executive Managing Director Robert Silver, together with Associate Directors Brittany Silver and Jamie Jacobs represented the landlord in the transaction, while Director Todd Hershman brokered the lease signing on behalf of the tenant.
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