Navan Inks 40K-SF Lease at 115 West 18th Street
By Abigail Nehring October 25, 2023 2:08 pm
reprints
A California-based startup is expanding its New York office and moving 20 blocks south.
Online corporate travel and expense manager Navan has taken 40,650 square feet on the entire sixth floor of 115 West 18th Street in Chelsea, according to ABS Partners Real Estate, which brokered the deal for landlord Wasserstein Enterprises.
Navan will bid farewell to its current office on the 14th floor of 1450 Broadway, a block from Bryant Park. The exact size of the company’s current Midtown space is unclear, but the new deal will expand Navan’s New York City footprint, according to the New York Business Journal, which first reported the lease.
Asking rent was $65 per square foot, said ABS’s Ian Weiss, who represented the owner with colleagues Andrew Udis and William Carr.
Douglas Regal, Bridget Fahey, Jon Moeller and Jamie Katcher of Raise Commercial Real Estate arranged the space for Navan.
“We were looking for an exciting space that could bring Navan’s people together, which was their goal for this new office,” Regal said. “We found a great landlord and partner in Chelsea.”
Brokers declined to share the length of the lease, and Navan did not immediately respond to a request for comment.
Navan’s space spans the floor plates of two buildings at the address — the six-story 115 West 18th and the conjoined eight-story 123 West 18th Street — and allows for a large footprint on a single floor, Weiss said.
“I don’t believe it’s easy to find this much space on one floor,” Weiss said. “It provides excellent light and air even though it’s not a particularly tall building.”
Weiss added that the space comes with an existing high-end installation.
Plus, it has the WeWork cachet, Weiss said.
The building was formerly the headquarters of WeWork until the coworking company — which is currently struggling to survive — relocated its headquarters in 2018 and eventually downsized its space from five floors to two. WeWork currently occupies the second and third floors of the building, according to its website and Weiss.
Metropolitan Pavilion is currently the largest tenant in the building, occupying about 68,000 square feet.
Abigail Nehring can be reached at anehring@commercialobserver.com.
