TechSpace Increases Office Offering in New York
Michael Ewing Nov. 8, 2013, 4 p.m.
TechSpace has leased out another office in Manhattan.
The office-space provider for tech-related companies is now opening another space at 18 West 18th Street, aptly marketed as “Silicon Alley” by the company. The new space will add approximately 16,345 square feet to its portfolio in the city.
TechSpace operates a 23,000-square-foot space in Chelsea at 44 West 28th Street, an 18,000-square-foot space at 95 Morgan Street, and its central 60,000-square-foot space at 41 East 11th Street. The company initially leased out 40,000 square feet on the 7th and 8th floor and then added the 20,000-square-foot ninth floor last year.
The combined office offering totals nearly 120,000 square feet.
According to CompStak data, TechSpaces normally pays in the low to mid $40s per square foot. The latest deal, however, comes in the low $50s per square foot and is set to span for 15 years.
The office spaces are standard in their offerings and appeal to small to mid-size companies with amenities including flexible office suites and workspaces design, scalable wi-fi, private data networking, and reception services.
A team from Cushman & Wakefield consisting of Tara Stacom, Peter Alden, and David Green represented the landlord, New Haven, Connecticut-based C.A. White Inc., in the transaction. Jamie Katcher, a colleague at C&W, represented the tenant with Jared Horowitz, a former colleague that recently jumped to Newmark Grubb Knight Frank. The former party declined to comment, and the latter party could not be reached in time for publication.