Financial Services Firm Coast Inks 8K SF at 625 Broadway
The transit financial services company Coast moved its New York City headquarters to 625 Broadway.
Coast, which provides software and credit cards to let companies track and manage the gas expenses of commercial drivers, took 8,085 square feet across the entire ninth floor of the 12-story NoHo building, Commercial Observer has learned. The lease was for two years, according to a source familiar with the deal.
Asking rents at the building range from $65 to $92 per square foot, according to Kaufman Leasing Company, whose Grant Greenspan, Elliot Warren and Jared Sternberg represented ASB Real Estate Investments.
“We’re trying to support these growth industry tenants in the building and in the neighborhood,” Greenspan said. “This building has other vacancies that they can grow into. That’s why it fits the niche of this particular building.”
Coast moved into the 94,000-square-foot property between Houston and Bleeker streets this month after raising $27.5 million in a financing round led by the venture capital firms Accel and Insight Partners in February — money it said it would use to expand its fleet-tracking capabilities and to hire more staffers. The financial services firm did not immediately respond to a request for comment on what building it relocated from or its reason for the move.
The ASB Real Estate building is home to other technology tenants including brand-management software company Frontify on the 12th floor, advertising technology firm IPONWEB on the 10th floor, and ground-floor retail tenant Chipotle Mexican Grill.
Colliers’ Eric Ferriello and Sam Einhorn represented Coast in the transaction. Ferriello and Einhorn declined to comment.
Update: This article has been updated to correct the asking rents in the building and the lease term.
Celia Young can be reached at email@example.com.