Fintech Firm Rho Takes 7K SF at 100 Crosby Street
By Mark Hallum May 6, 2022 12:29 pm
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Fintech platform Rho has signed a new three-year lease for 6,927 square feet on the sixth floor of 100 Crosby Street, adding 3,703 square feet to the footprint it originally moved into in 2020.
The landlord, GFP Real Estate, said Rho — which offers cash-and-spend management solutions for business — needed to expand because of high demand for its services in the ever-growing e-commerce industry, which has placed immense pressure on industrial real estate and is expected to continue to do so for the next two years.
“The fintech industry has seen significant growth over the past year,” Donna Vogel, who represented GFP in-house, said in a statement. “Rho, like many others, needed additional space to accommodate its growing team following the company’s initial successes.”
Thomas Mahl of Current Real Estate Advisors represented Rho. Asking rents were not disclosed by the landlord, and Current Real Estate Advisors did not respond to a request for comment.
Rho is not the first software firm to set up shop in the SoHo building.
Tech investment startup Innovation Department signed a five-year lease for 6,500 square feet on the fifth floor in March 2020, where asking rent at the time was at $75 per square foot.
Mark Hallum can be reached at mhallum@commercialobserver.com.
