Techstars has signed a lease for the entire 13,719-square-foot 24th floor at 1407 Broadway. The startup accelerator will relocate its New York location to The Lightstone Group-owned building from 36 Cooper Square.
“Having Techstars at 1407 Broadway shows the tech community that we are serious about providing them with what they need,” said Mitchell Hochberg, president of The Lightstone Group, in a prepared statement. “It’s the first of a steady stream of tech companies that are coming to our site.”
Techstars provides startups with seed funding from over 75 venture capital firms and angel investors. The program, offered in seven cities, invests $118,000 in each company through $18,000 in seed funding and an optional $100,000 convertible debt note.
The tenant’s New York program has incubated 51 ventures since 2010. In addition to New York, Techstars operates programs in Boston, Boulder, Chicago, Seattle, London and Austin.
Peter Turchin, Gregg Rothkin, Amanda Bokman, Ben Fastenberg, Ross Zimbalist and Lee Cross of CBRE represent the landlord at 1407 Broadway. Mr. Zimbalist also represented Techstars in the transaction.
The 1.1-million-square-foot building at 1407 Broadway is undergoing a complete renovation, including an upgrade of the lobby and retail façade. As reported by Commercial Observer, retailer Land’s End signed a 10-year, 13,729-square-foot lease at the building earlier this month.