Leases  ·  Office

D.C. Research Firm Finds NYC Digs in Daily Mail’s Old Soho Space


A for-profit and nonprofit global information services firm is setting up shop in Soho for its first New York City offices, Commercial Observer has learned.

Washington, D.C.-based Hanover Research signed a five-year lease for 5,500 square feet on the entire fourth floor at Zar Property NY’s 42-44 Greene Street between Grand and Broome Streets, according to a source with knowledge of the transaction. The asking rent was $79 per square foot.

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Michael Hirsch of CBRE represented Hanover Research in the deal, which was signed a few weeks ago. David Zar of Zar Property NY represented the landlord in-house. Mr. Zar wasn’t immediately reachable for comment and nor was Mr. Hirsch.

Hanover Research is taking space previously occupied by British tabloid the Daily Mail, which also leased 3,900 square feet on the third floor before relocating last summer to 51 Astor Place.

Zar Property NY bought the five-story office building in May 2008 for $49 million, according to property records.

Other existing tenants at the property include Philadelphia-based Sparks Marketing Group and Stranger & Stranger, a liquor branding and packaging design company based in London.