Studio Gang Moving to 12K SF at 120 Broadway
By Mark Hallum December 18, 2023 12:18 pm
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Architecture firm Studio Gang will be holding sway over new turf at 120 Broadway.
Studio Gang signed a deal for 12,404 square feet on the 34th floor of Silverstein Properties’ 40-story office tower, according to the landlord, which did not disclose the asking rent or the length of the leases.
Lower Manhattan office asking rent averaged $57.19 per square foot in the third quarter of 2023, according to a report from CBRE.
Studio Gang is relocating from 50 Broad Street to 120 Broadway, also known as the Equitable Building, in the second quarter of 2024.
“Companies today are looking for well-amenitized spaces in a dynamic neighborhood, and our goal remains to position the building as a top choice for organizations looking to upgrade or grow their presence in New York,” Silverstein’s Joseph Artusa said in a statement.
Harlan Strader represented the landlord in-house along with Scott Klau, Brian Waterman, Erik Harris, Cole Gendels and Zachary Weil of Newmark (NMRK) while Marcus Rayner and Sam Einhorn of Colliers (CIGI) handled the deal for Studio Gang. Spokespeople for Newmark and Colliers did not immediately respond to a request for comment.
Studio Gang wasn’t the only deal Silverstein signed at the property recently.
Apparel company Golden Goose is doubling its space in the building by signing an extra 13,071 square feet, raising its total footprint to 26,627 square feet, according to the landlord. Golden Goose originally leased an 11-year deal for part of the 33rd floor in March 2021.
Howard Simons of Savills represented Golden Goose in the deal.
Trading firm Old Mission Capital will be staying put at 120 Broadway, as well. The tenant expanded and extended its 11,173-square-foot space to 20,023 square feet, but Silverstein did not disclose how long the extension is for.
Old Mission originally moved into the building in 2013 before quadrupling its space to 11,173 square feet in September 2020.
Michael Beyda of Benchmark Properties negotiated on behalf of the Old Mission, but did not immediately respond to a request for comment.
Other recent deals at 120 Broadway include Tower Research Capital, which signed a 121,903-square-foot deal to consolidate two of its New York City offices into one space in September 2023, and the New York City Housing Development Corporation, which took 109,000 square feet in August 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
