Art Group Tin Drum Inks 14K-SF Deal at 25 West 39th Street
By Abigail Nehring July 8, 2024 6:35 pm
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Art collective Tin Drum will move into new digs a block from Bryant Park, Commercial Observer has learned.
Tin Drum inked a five-year lease for 14,000 square feet on the 11th floor of 25 West 39th Street, landlord Thor Equities said.
A spokesperson for Thor did not disclose the asking rent, but asking rent was $65 per square foot for a 2022 deal on the 10th floor of the 16-story building, CO previously reported.
The collective of artists, designers, coders and scientists was founded by Todd Eckert in 2016 and is known for producing mixed reality shows such as “Kagami,” an immersive concert featuring the late Japanese composer Ryuichi Sakamoto’s music.
Tin Drum is based in Pittsburgh, Pa., and its productions have toured the world, according to its LinkedIn page. It’s unclear if the company already has a New York location or if the West 39th Street office will be its first.
Tin Drum wasn’t the only tenant to sign on for the Midtown property, also known as the Engineering Societies Building, according to Thor.
In the second, slightly smaller deal, boutique hotel chain CitizenM signed a five-year lease to relocate from 149 Madison Avenue to 12,000 square feet on the fourth floor of 25 West 39th, Thor said.
The Netherlands-based company opened its first hotel in 2008 and has since expanded to 36 hotels around the world, including two in Manhattan, according to its website.
The property’s now fully occupied after both deals, according to Thor Equities Chairman Joseph Sitt.
“This achievement reflects the dedication of our team, and our commitment to delivering high-quality spaces that promote collaboration and support professional success,” Sitt said in a statement.
And there was plenty of interest for the property’s last vacant spaces as some 283 companies initially expressed interest before Tin Drum and CitizenM made it to the finish line, Okada & Company’s Christopher Okada, who handled both deals for Thor with Thomas Capuano and Avery Reavill, said in a statement.
The Thor spokesperson declined to disclose if Tin Drum or CitizenM used brokers in the deals.
Other tenants at the property include advertising analytics firm Cognitiv and health care company Rubicon, as CO previously reported.
Abigail Nehring can be reached at anehring@commercialobserver.com.
