Biometric Screening Company CLEAR Leases 120K-SF Headquarters in Chelsea
Biometric screening company CLEAR has leased 120,000 square feet for a new headquarters at Related Companies‘ and Vornado Realty Trust’s 85 10th Avenue in Chelsea, according to U.S. Securities and Exchange Commission documents.
CLEAR will relocate its offices from Park Avenue Tower at 65 East 55th Street to its new High Line-adjacent offices on 10th Avenue in October 2022, per the filing. The company, which specializes in biometric screening for airport security, went public on June 30 with a $4.5 billion initial public offering.
It signed a 15-year lease at 85 10th Avenue with 16 months of free rent, and it will receive a monthly rent abatement of $83,333 through 2027 to cover the remainder of a prior office lease at 650 Fifth Avenue.
The tech firm will pay $12.2 million annually in rent for the first five years of the lease, followed by $13.2 million a year for the fifth through 10th years, and $14.3 million for the 10th through 15th years, according to the filings.
Reporter Lois Weiss first broke the news about the deal on Twitter.
Newmark’s Jared Horowitz and Jason Perla represented CLEAR in the lease negotiations, and Edward Riguardi and Anthony Cugini handled the deal in-house for Vornado. Spokespeople for Vornado and Newmark didn’t immediately respond to requests for comment.
Rebecca Baird-Remba can be reached at firstname.lastname@example.org.