Injective Labs Moving to Bigger Offices at 205 West 28th Street
By Abigail Nehring August 26, 2024 1:57 pm
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A blockchain company known for edgy art-burning stunts on the streets of Brooklyn is headed to bigger digs in Midtown South, Commercial Observer has learned.
Injective Labs signed a five-year lease to relocate its headquarters from 13 West 27th Street to 8,685 square feet across the entire 10th floor of 28&7, a commercial tower at the corner of Seventh Avenue and West 28th Street, landlords Corem and GDSNY announced.
Asking rents at the 12-story office building, which has an official address of 205 West 28th Street, range from $112 to $120 per square foot, according to a source with knowledge of the deal and tenant broker Platinum Properties’ Steven Evans.
Injective Labs is the research and development arm of Injective, a public blockchain that aims to cut banks out of financial transactions like derivatives and futures trading. Injective launched in 2018 and has received venture capital backing from Pantera Capital, Mark Cuban, Jump and Brevan Howard, according to its website.
The company’s research incubator has 52 software engineers working in 20 different countries currently, according to its website. Injective Labs made headlines in 2021 when it bought and burned a $95,000 work by artist Banksy, part of the process of turning the physical piece of art into a virtual non-fungible token, or NFT.
Injective Labs signed a 5,900-square-foot deal in 2021 to open its headquarters at 13 West 27th between Broadway and Fifth Avenue, as New York Business Journal previously reported. It will expand its footprint by nearly 50 percent with the three-block move to 205 West 28th.
The deal brings yet another finance and technology firm into 28&7, which has already attracted several similar companies since its completion last year, according to GDSNY CEO Michael Kirchmann.
That includes recent deals with financial software company Ellipsis Labs and finance firms Terra Capital Partners and Mavik Capital Management, as CO previously reported.
“With every new tenant, 28&7 continues to solidify its place as a new finance, media and technology headquarters in Manhattan,” Kirchmann said in a statement.
Cushman & Wakefield (CWK)’s Ethan Silverstein, Michael Movshovich, Grant Potter and Connor Daugstrup represented the landlord in its deal with Injective Labs. A spokesperson for C&W declined to comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
