Financial Tech Company Signs 11K-SF Sublease to Move Within Flatiron District


BY LIAM LA GUERRE MAY 15, 2017, 1:27 PM

TrueEX has signed a 10,600-square-foot sublease at 22 West 21st Street with sublandlord Group SJR, according to a news release from brokerage CBRE.

The financial technology company will occupy the entire ninth floor of the building between Fifth Avenue and Avenue of the Americas. A CBRE spokeswoman declined to disclose the terms of the deal. In a similar sized deal a year ago, where Simons Foundation took the entire 10th floor, the asking rent was $65 per square foot, according to CoStar Group.

The 101,368-square-foot, 12-story building is a commercial co-op, according to property records.

CBRE’s Mary Ann TigheLauren Crowley, Jared Isaacson, Gregory Tosko and Sacha Zarba represented digital consultancy company Group SJR, a subsidiary of advertising and public relations firm WPP. Meanwhile, Anthony Sciacca of Newmark Grubb Knight Frank represented TrueEX in the deal. The spokeswoman for CBRE declined to comment beyond the details in the release, and Sciacca did not return an inquiry seeking more details via NGKF’s spokesman.  

TrueEX is moving from its current address nearby at 162 Fifth Avenue between West 21st and West 22nd Streets to its new digs in the summer. A representative for TrueEX was not immediately available for comment.

Tenants at the 22 West 21st Street building include cartoon creator FrederatorNetworks, sports clinic Sport Medicine at Chelsea and data company TayKey.

ETrade takes 31K sf at SJP’s 11 Times Square

Steven Pozycki and 11 Times Square (Credit: Eleven X)

Steven Pozycki and 11 Times Square (Credit: Eleven X)

Online discount stock brokerage ETrade inked a deal to lease more than 31,000 square feet at SJP Properties’ recently rebranded 11 Times Square office tower.

The firm, which is relocating from 1271 Sixth Avenue, took 31,234 square feet in the 1 million-square-foot tower, the New York Post reported.

Digital consulting tech firm Synechron also took 11,831 square feet in the building, bringing the office space to 95 percent leased. Synechron will be relocating from 15 Maiden Lane.

Rents are around $90 per square foot, according to SJP leasing director Jeff Schotz.

It’s been a long road for the property, which SJP and partner PGIM (formerly Prudential’s PREI) built on spec as the market crashed amid the Great Recession.

Other office tenants include Proskauer, Microsoft and the hedge fund Moore Capital. The owners still have about 50,000 square feet of vacant retail after a pair of food tenants, Urbo and Senor Frog’s, failed.

Norges Bank bought a minority stake in the property back in early 2015.

The owners have rebranded the building, giving it the new moniker “11|X.” [NYP] – Rich Bockmann

Merrill Lynch takes 125K sf at 75 Rockefeller Plaza

Landlord RXR Realty poured $150M into renovations since 2014

From left: 717 Fifth Avenue, 75 Rockefeller Plaza and RXR’s Scott Rechler

From left: 717 Fifth Avenue, 75 Rockefeller Plaza and RXR’s Scott Rechler

Merrill Lynch Wealth Management is trading its Fifth Avenue digs for four floors at RXR Realty’s newly-renovated 75 Rockefeller Plaza.

The investment company signed a lease for 125,000 square feet on the second through fifth floors of the 623,000-square-foot building, Commercial Observer reported. Since 1998, Merrill Lynch has roughly the same amount of space 717 Fifth, according to CoStar.

Terms of Merrill’s long-term lease at 75 Rock were not reported, but asking rents in Midtown averaged $81 per foot during the first three months of 2016, according to Colliers International.

Scott Rechler’s RXR took control of the building in 2013 when it signed a 99-year, triple-net lease with the owner, British billionaire Mohamed Al Fayed. It has poured $150 million into renovations since the 2014 departure of anchor tenant Time Warner Cable.

Merrill was represented by CBRE’s Robert Alexander, Ryan Alexander, Ramneek Rikhy and Emily Jones. Cushman & Wakefield’s Bruce Mosler, Tara Stacom and Mikael Nahmias represented RXR.

In addition to Merrill, other tenants include doll brand American Girl, which signed a 40,000-square-foot lease at the building’s retail space. Last year, Bank of America took a 200,000-square-foot lease at 75 Rock. [CO] – E.B. Solomont