Bankrate Relocating to Rudin’s 1675 Broadway in Times Square
Terence Cullen March 16, 2016, 2:55 p.m.
A financial consumer services company has inked a full-floor deal to head west to Times Square for a bigger office.
Bankrate, which finds the best rate on various loans throughout the Internet, will take 24,195 square feet on the 22nd floor of the Rudin Management Company-owned building at 1675 Broadway between West 52nd and West 53rd Streets, according to a press release from the landlord.
William Rudin, the chief executive officer of Rudin Management, told Commercial Observer that the lease was signed yesterday and is for 10 years. Asking rent at the 35-story building is $75 per square foot, according to The New York Post, which first reported news of the deal.
“It’s reflective of the convergence of financial service and technology, and this company is at the forefront of providing information for consumers,” Mr. Rudin told CO, adding the deal “shows in terms of 1675 [Broadway] its attractiveness for these kinds of companies that are creative but also related to the core financial services industry.”
Robert Steinman of Rudin Management represented the landlord in-house, while Stephen Berliner, Scott Weiss, Peter Cipriano and Brad Wolk of Savills Studley represented Bankrate. The tenant’s brokers did not immediately return a request for comment via a spokeswoman.
Bankrate currently is based at 477 Madison Avenue between East 51st and East 52nd Streets. The company leases 5,157 square feet on the fourth floor of that building, according to CoStar Group.
At 1675 Broadway, Bankrate plans an open floor plate with few to no private offices, Mr. Steinman said. “They’re into very open [offices],” he said.