Lease Beat

SoundCloud Opens New York Office

Online audio platform SoundCloud has opened its first permanent New York office on the entire 7,080-square-foot fourth floor of 101 Fifth Avenue. The company has signed a five-year deal with rent in the low-$60s per square foot, a source told Commercial Observer.

The tenant signed a lease in January and opened the office this week. Previously, the Berlin-headquartered company operated its New York office out of a temporary space.

101 Fifth Avenue. (PropertyShark)

101 Fifth Avenue. (PropertyShark)

The office is SoundCloud’s largest in the U.S, according to the New York Daily News, which first reported the space’s debut on Tuesday. Twenty employees have already moved in and headcount is expected to double by year end, the News reported.

Esther Zar and Daniel Lolai of MHP Real Estate Services represented the landlord at 101 Fifth Avenue. Eric Ferriello and Robert Tunis of Colliers International represented SoundCloud. The brokers did not immediately return requests for comment.

SoundCloud was founded in 2007 and closed its Series D funding round in January. The company secured $60 million from Institutional Venture Partners and The Chernin Group, according to CrunchBase. The funding values SoundCloud at $700 million.

As reported by Commercial Observer, online advertising platform AdRoll signed a three-year lease for the entire fourth floor at 101 Fifth Avenue last year. The space had previously been occupied by LivingSocial.

 

 

Follow Gus Delaporte via RSS. gdelaporte@observer.com