The lease is for the entire fifth floor of the 12-story office and retail building between East 26th and East 27th Streets, as The Wall Street Journal reported. The asking rent in the deal was $52, according to a release from ATCO.
NeueHouse will only have administrative offices (read: no coworking space) at the 373 Park Avenue South location, John Lord, who handled the deal in-house for ATCO, told Commercial Observer.
The location was attractive because NeueHouse has 50,000-square-feet of coworking space nearby at 110 East 25th Street between Park Avenue South and Lexington Avenue. The company’s administrative staff operates from a portion of that space in the East 25th Street building.
“They are in the neighborhood and they have space about a block and a half away,” Mr. Lord said. “It’s convenient for them for sure.”
The space is currently being constructed and will feature an open layout with exposed ceilings and a kitchen. NeueHouse is expected to open the office by Jan. 1, 2016.
“Their centers are populated with young and vibrant companies, and as they open new centers across the globe, they have a further requirement for office space,” Elie Reiss of Skylight Leasing, who represented NeueHouse in the deal, said to CO.
NeueHouse will share the building with research company Advanced Focus, lingerie designer Hanky Panky, recording studio DeeTown Entertainment and Mexican restaurant chain Dos Caminos.