Payfone Doubles Footprint With 12K SF Lease in NoMad
By Chava Gourarie April 25, 2019 3:03 pm
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Payfone, an identity authentication startup, has signed a 10-year lease at The Moinian Group’s 245 Fifth Avenue in NoMad, doubling its current space in the building, Commercial Observer has learned.
The tech company will occupy the entire 20th floor, which spans 11,993 square feet, at the 24-story building, on the corner of East 28th Street.
Payfone—which closed a $24 million fundraising round earlier this month—will relocate from the eleventh floor, where it occupied 5,165 square feet since 2016.
Lee & Associates’ Dennis Someck and Justin Myers represented Payfone in the initial lease in 2016, as well as the current expansion. The Moinian Group was represented in house by Gregg Weiser, along with Christel Engel of Colliers (CIGI) International.
Payfone provides ways for businesses to digitally authenticate the identities of clients and customers and has raised a total of $117 million since its inception in 2008.
“The business exploded for them,” Someck said of Payfone, and they needed to expand their office space. “It seemed natural that if the building could accommodate them, to stay within the building.”
Moinian is completing the buildout for Payfone now at landlord’s expense.
“It’s a typical TAMI layout—primarily open, lots of conference rooms and huddle rooms, and a big open pantry,” Someck said. Payfone intends move into the new location in July once the buildout is complete.
“It’s a bonus when all the sides can come together in a collaborative way to complete the deal and we are thrilled to have Payfone remain a valued tenant,” Colliers’ Engel said.
Asking rent at the building was $75 per square foot, according to information from Lee & Associates.
Other office tenants at 245 Fifth Avenue include data firm Enigma Technologies, modeling agency Elite Model Management and engineering consultancy Burns & McDonnell.
