Slice Inks 8K-SF Deal at 349 Fifth Avenue to Downsize NYC Office
A pizza delivery service provider is slicing its office footprint in half.
Slice subleased its 18,200-square-foot office at 902 Broadway in favor of a smaller footprint at 349 Fifth Avenue, Commercial Observer has learned.
The pizzeria delivery technology firm leased 8,000 square feet at the Zar Property-owned building with an asking rent of $49 per square foot and agreed to a term of 4.5 years, according to a source familiar with the deal.
“Over the last 3 years we have hired many employees outside of NYC and as a result we are much more distributed. So while our team has grown by more than two times, our space needs in NYC changed,” Ilir Sela, CEO of Slice, said in a statement.
David and Julian Zar represented the landlord in-house while Michael Cohen, Michael Joseph, Aidan Campbell and Jessica Verdi of Colliers (CIGI) negotiated on behalf of the tenant.
“Due to the changing work/life styles Slice decided to pivot to a more efficient footprint which will allow a more social community environment in their workplace, where their teams could get together and collaborate,” Joseph said in a statement. “They successfully sublet their space at 902 Broadway to Merge API which allowed them to reduce their costs and move into a brand new fully furnished space in a location convenient to the entire team.”
Zar Property was not available for comment.
The firm purchased the property from JPMorgan Chase in 2009 for $18.58 million and since then has signed leases within the 70,000-square-foot office tower to companies such as luxury Italian furniture company Giorgetti in May 2022, at which time the asking rents were around $75 per square foot, CO reported.
Prior to that, 48,000 square feet of 349 Fifth Avenue was leased to WeWork as the coworking giant’s second location. WeWork exited the building in April 2021 as the company fell upon hard times amid the ongoing pandemic and its longstanding financial woes.
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