PS 260 Moves Downtown With 8K-SF Lease at 30 Broad Street
Avison Young’s Peter Gross represented the tenant in negotiations while Newmark (NMRK)‘s Daniel Appel and Andrew Peretz represented the landlord, 30 Broad Street Venture, in the 10-year lease.
With offices in Boston and Los Angeles, PS 260 will relocate from 260 Fifth Avenue where it has been maxing out on much-needed workspace, according to the firms.
“PS 260’s relocation to 30 Broad Street is the latest example of the continued flight-to-quality trend in the Manhattan office market, as demonstrated by the significant step up in building class from its previous location,” Gross said in a statement. “The firm was drawn to the building’s prime downtown location and private outdoor space offered via the two large terraces that accompanied their new space.”
PS 260 specializes in producing creative content, development, production, editorial, post-production, visual effects and graphic solutions.
“30 Broad Street provided the ideal long-term home for our firm that will allow us to continue to increase in size, foster creativity and encourage collaboration among our team and clients,” said Zarina Mak, managing partner at PS 260.
Avison Young cited their fourth-quarter office market report in supporting the assertion that trophy properties drew 41 percent of post-COVID-19 leasing activity with PS 260’s new lease simply being another example of companies swapping out spaces that do not meet more contemporary needs.
“Downtown has become a creative and tech hub for tenants looking for top-quality space in a unique setting,” Peretz said. “We believe that PS 260 will be a perfect fit at 30 Broad as the property offers some of the finest work environments for creative tenants.”
The asking rent was not disclosed.
Mark Hallum can be reached at firstname.lastname@example.org.