iN DEMAND Renews at 345 Hudson Street
Michael Ewing March 8, 2013, 5:10 p.m.
iN DEMAND has renewed their lease in Hudson Square.
The entertainment company will continue to occupy their 50,000 square foot office in Trinity Real Estate’s 345 Hudson Street. The company is known for being a leader in providing transactional entertainment through television, such as Video on Demand (VOD) and Pay Per View (PPV).
“iN DEMAND occupies the entire top floor of 345 Hudson which offers extraordinary views and great flexibility,” said Jason Pizer, president of Trinity Real Estate. The firm has been located in the building since early 2000.
A brokerage team from CBRE consisting of Eric Deutsch, Jason Pollen, and Jared Freede represented the tenant in the transaction. Trinity’s own Tom Lynch represented the landlord.
“While the neighborhood has become a center for ‘creative collar’ businesses, entrepreneurs and media it, increasingly, has also become a destination for major international fashion and apparel brands such as Tory Burch, Thakoon, 3.1 Philip Lim and Adidas,” Mr. Pizer added.
Adidas, the mega-sportswear brand, recently signed a deal for 15,220 square at another one of Trinity’s buildings in the area. Hudson Square is often synonymous with Trinity Real Estate as the firm owns over a dozen buildings within the neighborhood.
“345 Hudson is 97 percent occupied and continues to attract interest from the market,” said Mr. Pizer explained about the occupancy rates. “Occupancy across our portfolio is at approximately 95 percent as the quality, vitality and value of Hudson Square draw tenants from an increasingly diverse range of sectors while helping to retain many long-time tenants.”
Asking rents in the building typically range from the mid to upper $50s per square foot, but in DEMAND’s full top floor space peaked over in the low $60s per square foot.