Israeli VC Firm Nails Down Lease for City Cybersecurity Hub
The 16-year-old company, which invests in startups, inked a 10-year, 26,400-square-foot deal in the landmarked cast-iron building between Grand and Broome Streets, according to information from the landlord. In the second quarter of 2019, JVP will move into part of the building’s ground floor and the entire second and third floors in the southern portion of the property. Asking rent in the deal wasn’t disclosed.
The New York City Economic Development Corporation tapped JVP last month to lead the city’s first cybersecurity investment hub, the agency announced last month. The 50,000-square-foot space at 462 Broadway will support early-stage startups, “facilitating access to clients, business support and investment, with the goal of growing them into major cybersecurity companies,” per the press release. Columbia University will offer mentorship and training in the space, and New York University and Cornell University will also be involved as partners.
Jason Vacker, the president and CEO of Meringoff Properties, represented ownership in-house, and the tenant didn’t have a broker.
Stephen Meringoff, a managing partner of Meringoff Properties, and his partner Jay Shidler have owned the 165,000-square-foot building since 1981. They recently restored the 140-year-old, French Renaissance-style facade with the help of PBDW Architects. Meringoff Properties, an affiliate of investment firm Himmel + Meringoff, manages the six-story property.
“We made a commitment to the highest quality restoration of this property, and now it’s paying dividends,” Vacker said in prepared remarks.