Startup Innovation Department Moves to 100 Crosby

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Tech investment startup Innovation Department is moving to larger digs within Soho, Commercial Observer has learned. 

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The firm signed a five-year lease for 6,500 square feet at 100 Crosby Street, the former home of upmarket grocer Dean & Deluca’s flagship, according to information from Current Real Estate Advisors

Adam Henick of Current Real Estate represented the tenant, and Donna Vogel represented the landlord, GFP Real Estate, in house. Asking rent at the boutique office building was $75 per square foot, according to Henick. 

Innovation Department previously occupied 5,000 square feet at 270 Lafayette Street, and wanted to remain in Soho.

“[Innovation Department had] seen a lot of the activity in terms of tech companies coming to Soho and Midtown South in general and they viewed Soho as a place where they wanted to grow,” said Hennick. 

The tech firm will occupy space on the fifth floor of the six-story building, which stretches along Prince Street to Broadway. GFP recently renovated the historic property, which was built in 1884, and moved the entrance from Prince Street to Broadway. 

Innovation Department will do its own buildout in exchange for free rent, Henick said. While that wasn’t necessarily their initial preference, the Soho office market is tight enough that when an opportunity presents itself, you go for it, he added. The company expects to move in within a month or two.