Flexport Relocating to 14K SF at Vanbarton’s 31 Penn Plaza
By Mark Hallum October 28, 2024 4:08 pm
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Logistics firm Flexport is relocating its Manhattan offices about eight blocks uptown, Commercial Observer has learned.
The company has signed a deal to downsize from its current 30,000-square-foot space at 50 West 23rd Street to a 14,073-square-foot office at Vanbarton Group’s 31 Penn Plaza, according to the landlord broker JLL (JLL).
JLL did not immediately provide the asking rent or the length of the lease, but the average asking rent for Midtown was $83.90 per square foot in the third quarter of 2024, according to a report from CBRE.
Flexport’s deal comes as the three-year term on its office at Two Trees Management’s 50 West 23rd Street expires, and it brings Flexport closer to the 11,000 square feet it occupied at 250 Park Avenue South prior to inking the West 23rd Street deal in 2021.
JLL’s Christine Colley, Daniel Turkewitz, Thomas Swartz and Mitchell Konsker represented the Vanbarton Group in the deal while Joseph D’Apice of CBRE (CBRE) negotiated on behalf of the tenant. CBRE declined to comment.
Other tenants in the building, which has an official address of 132 West 31st Street, include commercial design firm TPG Architecture, which signed a seven-year renewal on its 40,431-square-foot offices in March 2022, and ExecOnline, which took 10,000 square feet in April 2019.
Mark Hallum can be reached at mhallum@commercialobserver.com.
