Tech Firm Recyclebank Flees West Village for Midtown South With 17,000-SF Lease
Billy Gray June 7, 2013, 11:32 a.m.
The eco-friendly tech company Recyclebank heeded the siren call of Midtown South and signed a five-year, 17,000-square-foot lease at 151 West 26th Street. The firm offers discounts and other rewards to users for efforts they take to go green.
Greg Taubin of Studley represented the tenant, which will relocate to Chelsea from a subleased space at 95 Morton Street in the West Village. Michael Moorin and Allen Gurevich of Newmark Grubb Knight Frank represented the landlord, The Rosen Group. Asking rent was $48 per square foot.
The tenant was specifically on the hunt for an existing built and, preferably, already furnished office. In March, the social media firm Alloy Digital left the 11th floor of 151 West 26th Street for 498 Seventh Avenue in lower Times Square, making the space ideal for this like-minded tenant.
“It was a similar use before,” Mr. Moorin said. “It had a larger interior bullpen space with glass insert offices on the perimeter. And there was a nice open feel to it with very high exposed ceilings.”
In addition to its location in the beating heart of Manhattan’s technology district, 151 West 26th Street features a bike-friendly automatic freight elevator that draws internet professionals who often commute on two wheels. The building is 100 percent leased.
In yet another perk, The Rosen Group agreed not to charge rent until February of 2014 despite the lease starting in August. “It’s not a frequent request, Mr. Moorin said.” But it comes up in the normal course of these types of transactions. Our feeling was we had a good tenant and not to let a few months make a difference.”
Mr. Taubin said the new digs are comparable in size to the Morton Street offices.