Springcoast Capital Subleases 5K SF in Meatpacking District
By Mark Hallum May 3, 2023 3:13 pm
reprints
Former Goldman Sachs Growth managing director Holger Staude has found a home for his new private equity firm.
Springcoast Capital Partners is establishing its first New York City offices at 860 Washington Street, where it will sublet 4,743 square feet on the sixth floor of the Meadow Partners-owned building.
CBRE (CBRE) declined to provide the asking rent, the length of the sublease or the name of the sublandlord, but average sublet asking rents in the Meatpacking District was $70.11 per square foot in the first quarter, according to a Newmark report. Seth Rosen and Kenneth Salzman of Lee & Associates NYC represented the sublandlord in the transaction, but did not immediately respond to a request for comment.
“Springcoast was recently launched with 12 employees and required the type of quality office space that would speak to its high-profile clients and investment services,” Neil King, who represented Springcoast with Zachary Price, said in a statement. “This sublease opportunity in one of the Meatpacking District’s most premier trophy buildings met our client’s real estate requirements perfectly.”
Staude launched the Springcoast in February with Maple Partners managing partner Grant Wentworth with plans to provide capital to software and technology companies, the Wall Street Journal reported.
Other tenants in the 10-story 860 Washington include online lender Social Finance and online retailer Alibaba. Car company Tesla also has a showroom in the building.
Mark Hallum can be reached at mhallum@commercialobserver.com.
