Content Platform PlayPlay Signs 5K-SF Lease for First NYC Office
By Mark Hallum January 17, 2024 1:04 pm
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A Paris-based content platform isn’t playing around anymore.
The French tech firm PlayPlay is graduating from WeWork/" title="WeWork" class="company-link">WeWork (WE) to a dedicated 5,000-square-foot office at 53-55 West 21st Street to open its first New York City headquarters, according to landlord The Moinian Group.
Moinian did not disclose the length of the lease but said asking rent in the building is $54 per square foot.
The building’s “flexible, furnished and wired spaces” were some of the qualities that attracted PlayPlay to the property between Fifth Avenue and Avenue of the Americas, according to Emilie Goldman and Doug Regal of Raise Commercial Real Estate" class="company-link">Raise Commercial Real Estate, who represented Moinian in the transaction.
Leah Zafra of Cushman & Wakefield (CWK) negotiated on behalf of the tenant. A spokesperson for C&W did not immediately respond to a request for comment.
PlayPlay was founded in Paris in 2017 and developed an online video creation platform for marketing teams, according to the company. It raised a $55 million Series B round in 2022 to help grow its New York City operations, the company said in a press release.
Its new New York home will be in the six-story property that dates to 1902 and is part of a seven-building cluster purchased in 2017 by Moinian for an undisclosed amount, according to VTS.
The building’s most notable tenant is Bounce Sporting Club, a nightlife destination that also has a location in Chicago.
Mark Hallum can be reached at mhallum@commercialobserver.com.
