Energy Provider David Energy Takes 8K-SF Office at 200 Varick Street
By Isabelle Durso October 4, 2024 12:10 pm
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Electricity provider David Energy has joined a growing list of companies ditching Brooklyn for Manhattan offices.
David Energy, an electricity provider aiming to run the power grid on clean energy, signed a four-year lease for 7,995 square feet on the fifth floor of GFP Real Estate’s 200 Varick Street in Hudson Square, according to the landlord.
The lease marks a relocation for David Energy, which previously had its office at 417 Grand Street in Williamsburg, Brooklyn, GFP said. The company has already moved into its new spot at the 12-story 200 Varick in space formerly occupied by advertising agency BENlabs.
GFP declined to provide the asking rent, but a report from Newmark found office rents in Hudson Square and the Meatpacking District averaged $85.81 per square foot during the third quarter of 2024.
“David Energy has experienced rapid growth since it started in 2019, having completed several successful rounds of funding in recent years,” GFP’s Rhonda Singer, who brokered the deal for the landlord along with Jeff Gural, said in a statement. “Relocating from Brooklyn, the company wanted a prime Manhattan office address with a certain cool factor that reflected their values and culture.”
Newmark (NMRK)’s Robert Silver, Brittany Silver and Anthony Sciacca, who also brokered the deal for the landlord, did not immediately respond to requests for comment. GFP’s Allen Gurevich represented David Energy in the deal. A spokesperson for David Energy did not immediately respond to a request for comment.
David Energy was founded by James McGinniss to provide green energy to customers, launching a push to provide electricity to small businesses in 2022, and raised a $23 million Series A funding round in September, TechCrunch reported.
The 1927-built 200 Varick, located between West Houston and King streets, was renovated in 2022 with a new lobby and entrance, elevators and common spaces.
Other tenants in the building include civil rights litigation firm Neufeld Scheck Brustin Hoffman & Freudenberger, which signed a 13-year lease for 12,914 square feet on the entire eighth floor in October 2023, and audio production company Duotone Audio Group, which renewed its lease at the building for three more years in September 2023.
Health care tech startup Cota, the Film Forum, music company Reservoir Media, marketing company Omnicom Group and nonprofit AHRC New York City also lease office space at the Hudson Square tower.
Isabelle Durso can be reached at idurso@commercialobserver.com.
