Small Business Financier Moving From WeWork Space to 180 Maiden Lane
By Rey Mashayekhi January 4, 2018 2:15 pm
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Small business financier CFG Merchant Solutions will relocate its New York City offices to 180 Maiden Lane after agreeing to take 7,778 square feet at the Financial District tower, Commercial Observer has learned.
CFG inked a seven-year deal late last month for part of the 15th floor at the 41-story, 1.2-million-square-foot office building between Front and South Streets on the East River waterfront. The New Jersey-based firm will move its New York City digs from nearby 85 Broad Street, where it presently occupies a WeWork (WE)-operated space on the 18th floor, according to sources with knowledge of the transaction.
Asking rent in the deal at 180 Maiden Lane was $55 per square foot, the sources said. The landlord, MHP Real Estate Services, was represented by a Cushman & Wakefield (CWK)’s Tara Stacom, Robert Lowe, Frank Cento and Justin Royce, as well as MHP’s Jesse Rubens, Richard Doolittle and James Tamborlane. Tamborlane and MHP colleague Matthew DeRose handled the deal on behalf of the tenant.
CFG, an alternative financing platform that provides capital to small- and mid-sized businesses, is expected to occupy its new space within the next four to six months upon completion of the tenant’s buildout. Tamborlane said the firm was drawn to 180 Maiden Lane’s proximity to its current offices at 85 Broad Street, as well as building amenities that include a 200-seat conference center, a full-service cafeteria and a fitness studio.
CFG is a “great addition to the tenant mix at the building,” he added.
MHP recently signed business compliance software provider Behavox to a lease for more than 12,000 square feet on the 10th floor at 180 Maiden Lane, as CO reported last month. Other tenants at the office tower include the New York City Department of Investigation—which agreed to take 276,000 square feet last year—law firm Stroock & Stroock & Lavan and television production company True Entertainment.
Representatives for C&W did not immediately provide comment on the CFG deal.
