Investment Firm Lead Edge Ditching Chrysler Building for Soho
Lead Edge Capital, a growth equity investment firm, inked a deal to trade its Chrysler Building offices for bigger digs in Soho, Commercial Observer has learned.
The firm signed a 10-year deal for 7,415 square feet on the fifth floor of 96 Spring Street between Broadway and Mercer Street, landlord Midwood Investment & Development said. A spokesman for the landlord did not provide the asking rent in the deal, but CoStar (CSGP) Group data lists average asking rents in the building as between $61 to $75 per square foot.
Lead Edge currently has 4,543-square-foot offices in the Chrysler Building and plans to move to 96 Spring Street in the fall, the spokesman said. The company, which was founded in 2009, currently has nearly $2 billion in capital under management and has invested in start-ups like Uber and Spotify (SPOT), Reuters reported.
Other tenants in the eight-story, 60,000-square-foot 96 Spring Street include retailer Alo Yoga, restaurant group Chefs Club, and fashion company Bestseller.