Logistics Firm Flexport Takes 30K SF in Two Trees’ Midtown South Building
Freight and customs company Flexport is setting sail for a new location in a familiar neighborhood.
The company signed a 30,000-square-foot, three-year lease at Two Trees Management’s Midtown South building at 50 West 23rd Street, occupying the entire fourth floor, Crain’s New York Business first reported.
Flexport last moved in 2018, when it outgrew its former Flatiron District location of 11,000 square feet at 250 Park Avenue South, and moved to 23,000 square feet on the second floor of the Kaufman Organization’s 111 West 19th Street, Commercial Observer reported. In its return to the Flatiron District, Flexport is leasing 7,000 more square feet.
Asking rents were $68 per square foot for its new deal, which includes an option to renew, Crain’s New York reported.
The San Francisco-based company will join other building tenants like Foursquare and Even Financial at the property, per Crain’s New York.
CBRE (CBRE)’s Sacha Zarba, Jeff Fischer and Joe D’Apice handled it for Flexport. Two Trees handled the deal in-house. The CBRE brokers and Two Trees did not respond to requests for comment.
Two Trees purchased the 13-story building in the Flatiron District for about $130 million in 2010. Crain’s New York reported. Two Trees is well known for its Brooklyn properties — including the controversial plan for two residential, riverside high-rises in Williamsburg, Brooklyn.
The project, called River Ring, has been in the works since December 2019 and relaunched in February ahead of its first public hearing.