Developer Hope Street Capital Takes 5K SF at 56 West 22nd Street
By Celia Young October 25, 2021 11:19 am
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Real estate developer Hope Street Capital snagged a lease for 5,508 square feet at the Kaufman Organization’s 56 West 22nd Street, Commercial Observer has learned.
The company, which is working on residential projects in Brooklyn at 220 Clinton Avenue and 98 Front Street, will move from its headquarters at 475 Park Avenue South to take the entire 10th floor of the 12-story Flatiron District property. Asking rent was $65 per square foot for the three years and two-month lease, according to the Kaufman Organization.
The excitement of being in the busy Flatiron District, coupled with a good price for the space due to the coronavirus pandemic, were two reasons why Hope Street decided to relocate to the building between Fifth and Sixth avenues, Kaufman’s Grant Greenspan, who represented the landlord in the deal, told CO.
“It’s more of a residential neighborhood,” Greenspan told CO. “There’s more nightlife, restaurants, things to do. … They generally felt as though it was an improvement over their previous location.”
Hope Street will move into its space by mid-November after some minor construction to make space for an additional office or two, Greenspan said. It will join firms Class Action Capital and AURIFY Brands in the building.
The real estate investment company’s new lease comes after Kaufman renovated the 1907 building in 2020, updating its lobby and elevators once it and AXA Investment Managers purchased the property for $48.5 million.
Kaufman’s Will Landsberg represented the tenant in the deal.
Celia Young can be reached at cyoung@commercialobserver.com.
