Leases  ·  Office

Financial Adviser Adds Nearly 17K SF on Same Block as Its HQ


Betterment Holdings has taken 16,909 square feet at 53 West 23rd Street to accommodate the investment management company’s growth, The Wall Street Journal reported. The building is between Fifth Avenue and Avenue of the Americas, on the same block as its headquarters, which are at 61 West 23rd Street.

The new space spans the entire fourth floor, a spokesman for landlord Adams & Co., told Commercial Observer. James Buslik and Alan Bonett, both of Adams & Co., represented the company in-house in the deal. Mike Mathias of Savills Studley represented Betterment.

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Betterment signed a five-year lease in the 12-story 1915 building with an asking rent of $66 per square foot, the Adams & Co. spokesman said. The company moved into the space last month.

Notable office tenants include millennial news site Elite Daily, which is in 22,255 square feet, as CO previously reported. The media company took the entire 12th floor from Tremor Video, which moved to Times Square. Saks Incorporated, Anthony Lawrence of NY, 4 Kids Entertainment and W.B. Mason, are also office tenants. Electronics and home appliance retailer P.C. Richard & Son is in the property’s retail space, occupying three floors for just less than 38,000 square feet, according to CoStar Group.

The Adams & Co. brokers didn’t respond with a comment, and nor did a spokesman for Savills Studley.