Australian branding agency thelab is moving from Chelsea to Dumbo.
The company, a subsidiary of Australia-based Wellcom Group, signed a 42,452-square-foot, 15-year lease for the entire eighth floor of 175 Pearl Street in Dumbo, according to tenant broker Current Real Estate Advisors. Asking rent in the transaction was $65 a square foot.
Thelab is relocating from the eighth floor of 637 West 27th Street. It will receive tax credits from the city’s Relocation and Employment Assistance Program (REAP) for the move. The deal was first reported in the New York Post.
Current Real Estate Advisors’ Adam Henick and Brandon Charnas represented thelab, while Neil King’s team at CBRE represented the landlord, Normandy Real Estate Partners. A CBRE spokesman didn’t return a request for comment.
“As one of the larger office transactions in Dumbo in recent memory, the transaction also demonstrates part of the migration that is happening as companies look to take advantage of tax benefits offered by the city,” Henick said in prepared remarks.
Normandy recently redeveloped 175 Pearl Street, an eight-story loft property between Sands and High Streets, into office space.
David Bridges, the CEO of thelab, said in a statement that this firm’s “relocation to Dumbo is a testament to Current Real Estate’s expertise in finding unique commercial space that fits [our] brand’s reputation as a cutting edge creative and production agency while successfully helping us navigate New York City’s tax incentives.”