TheSquareFoot Leases Itself New Flatiron District Office
Terence Cullen Aug. 13, 2015, 3:02 p.m.
Web-based real estate brokerage TheSquareFoot is subleasing space in the Flatiron District from one of its fellow tech companies, Commercial Observer has learned.
The company, which lists prospective properties on its site and helps tailor spaces to new companies’ needs, is subleasing the 4,500-square-foot space that’s occupied by SiteCompli at 48 West 21st Street between Avenue of the Americas and Fifth Avenue, according to TheSquareFoot. It will take the whole fourth floor of the 12-story building in a move from 163 West 23rd Street—where it leases an office one-third the size of its new digs.
The Square Foot and SiteCompli represented themselves in the deal, a spokesman for TheSquareFoot said. A SiteCompli executive declined to comment. Dezer Properties owns the building.
Asking rent in the five-year lease was in the mid-$50s per square foot. The deal closed Aug 1. and TheSquareFoot assumed the space two days later. The company is doing minor touch-ups including applying a fresh coat of paint and adding new doors, as well as installing wooden art, said Jonathan Wasserstrum, the company’s co-founder.
TheSquareFoot moved into 1,500 square feet at 163 West 23rd Street between Avenue of the Americas and Seventh Avenue last June, when the company only had five employees. But 14 months later, that workforce has tripled, Mr. Wasserstrum said, and The Square Foot executives decided it needed a new office to accommodate expected growth in the next few years.
“We were just outgrowing our old space,” Mr. Wasserstrum told CO. “We have room to grow where we are here [at 48 West 21st Street]. We’re friendly with [SiteCompli] and we knew they were getting new space so we said we’ll take your old space.”
SiteCompli, which collects and sorts real estate data, is doubling its office size to 11,000 square feet in its move to 45 West 25th Street, AS CO previously reported.