Small Biz Lender Subleases in Chelsea
Small business loan provider QuarterSpot has moved from the Financial District to Chelsea through an 18-month, 3,844-square-foot sublease at Samco Properties‘ 333 Seventh Avenue, Commercial Observer has learned.
The company has taken over space that the nonprofit Human Rights First organization vacated late this summer, grabbing a portion of the 14th floor of the property where asking rents ran for $30 per square foot, said Gabe Whitman, a former Cushman & Wakefield broker who started his own eponymous tenant brokerage in May.
“They needed more space; they wanted to move uptown,” Mr. Whitman said. “The sublease price was attractive, and so was the flexibility with the rent term, because they are a start-up.”
Mr. Whitman represented QuarterSpot, while C&W’s Carri Lyon and Robert Lowe negotiated on behalf of the sub-landlord and officials at Samco signed off on the deal.
QuarterSpot helps customers “apply for free in minutes, receive working capital in as little as 24 hours, and get back to growing your business,” according to its website.
The company now shares a building between West 28th and West 29th Streets where the Fashion Institute of Technology signed an 18-year, 55,000-square-foot lease last spring and the New York City Department of Education, the Center for Family Support and Doctors Without Borders also occupy space.
Representatives for C&W declined a request for comment.