Two Trees’ 20 Jay Street Welcomes Technicolor Startup on Short-Term Lease
Group Neon, a visual networking startup affiliated with Technicolor Creative Services USA, has signed a one-year, 2,527-square-foot lease at Two Trees Commercial’s 20 Jay Street, it was announced today. Asking rent was $34 per square foot.
“We are flexible with our tenants and offer short-term leases,” Caroline Pardo, director of leasing at Two Trees, who represented the landlord in-house, told The Commercial Observer. “We have the flexibility to accommodate these creative companies.”
The company, which occupied the space on April 15, specifically sought space in Dumbo due to its creative community, in addition to its convenience for Brooklyn-based employees and proximity to Manhattan.
“The biggest reason why these tenants enjoy coming to Dumbo is it’s a creative community,” Ms. Pardo noted. “They integrate and interact with one another and really feel that energy.”
Group Neon’s parent company Technicolor, based in Paris, offers video services to content creators and distributors and employs 14,500 worldwide.
“Technicolor is a great example of the type of company attracted to this neighborhood, which has a vibe reminiscent of Tribeca and Soho,” Ms. Pardo added in a prepared statement.
Daniel Katcher of Newmark Grubb Knight Frank represented the tenant in the transaction.