Marc Jacobs Subleases Space to Financial Tech Firm in Soho
Lauren Elkies Schram Nov. 20, 2015, 3:40 p.m.
CommonBond, a financial technology company, will be subleasing 15,000 square feet, spanning the entire sixth floor, from Marc Jacobs International at 524 Broadway at the corner of Spring Street in Soho, Newmark Grubb Knight Frank told Commercial Observer.
Marc Jacobs expanded in its headquarters at 72 Spring Street and no longer needs the space. CommonBond will be relocating to the Tahl Propp Equities building from 120 Walker Street at the beginning of next year.
The asking rent was in the $70s per square foot and the sublease is for eight years.
NGKF’s Stephen Gordon and Jon Zuckerman represented Marc Jacobs in the transaction and NGKF’S Robin Fisher and Christie Bennett represented the tenant.
“CommonBond’s need to nearly triple the size of its space is reflective of the current growth many FinTech [or financial technology] companies are experiencing today,” Ms. Fisher said in prepared remarks. “This sublease option was a unique opportunity to achieve its headcount requirements and construct an environment to support its creative technology culture.”
Mr. Gordon added: “524 Broadway is the quintessential image of Soho, with loft-style interiors and high-end retail tenants including Balthazar and Aritzia.”
Other tenants in the 11-story, 180,000-square-foot building include The Corcoran Group and Scholastic Entertainment.