Karhoo, a startup mobile taxi search app, has found a long-term home in New York City. After maintaining temporary quarters in the Hudson Square area, Karhoo has signed a 10-year lease at HSR Corp.’s 386 Park Avenue South, Commercial Observer has learned.
The company is taking 11,600 square foot, amassing the entire top floor of the 20-story, 265,000-square-foot building at East 27th Street, according to Newmark Grubb Knight Frank. The asking rent was $79 per square foot. Karhoo will be moving in this spring. David Falk, Eric Cagner, Alex Leopold and Jon Franzel, all of NGKF, represented the landlord in the deal.
“We have proactively built out full floors to relieve the tenant of the responsibility and make the process more convenient,” Mr. Cagner said in prepared remarks.
After British entrepreneur Daniel Ishag founded Karhoo in January 2015, the firm moved its headquarters to New York City, according to the Financial Times. Karhoo will move from its temporary space at 101 Avenue of the Americas between Grand and Watts Streets, the brokers said. Karhoo also has offices in London and Singapore, according to its website.
“Karhoo is a great addition to the building and further strengthens 386 Park Ave South’s brand image. Along with our neighbors, we continue to secure Park Ave South as NYC’s tech and media hub,” HSR’s Harvey Fung said in a statement.
HSR Corp. purchased 386 Park Avenue South for more than $200 million from William Macklowe Company in January 2015, according to property records.
Other big tenants in the building include software company The Trade Desk, content marketing platform Newscred and advertising and marketing communications agency Lowe Campbell Ewald. And in October 2015, CO reported that Mullen Lowe Group, an international advertising firm, was taking an additional full floor at 386 Park Avenue South, bringing its total footprint in the building to approximately 39,000 square feet.
Lee & Associates NYC’s Dennis Someck and Justin Myers represented Karhoo in the transaction. They didn’t immediately respond to a request for comment.