Advertising Platform, Private Equity Firm Ink Deals at SoHo’s 10 Crosby Street
By Isabelle Durso March 13, 2025 3:18 pm
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Advertising platform Sabio and private equity firm MiddleGround Capital are making moves at SoHo’s 10 Crosby Street, Commercial Observer has learned.
Sabio, a connected TV platform that helps brands reach streaming audiences, has signed a new lease for 8,425 square feet on the entire second floor of the five-story office building owned by Madison Capital, according to landlord broker JLL (JLL).
The ad firm will relocate from its current office two blocks away at 43 Crosby Street to move into the new space, which has been fully renovated with a new pantry and flooring, JLL said.
Meanwhile, Kentucky-based MiddleGround, which invests in companies in the industrial and speciality distribution sectors in North America and Europe, signed a four-year renewal for its 8,425-square-foot office on the entire fourth floor of the building, according to JLL. The firm moved its offices from 200 Varick Street to 10 Crosby in September 2020, as CO previously reported.
“We’re thrilled that MiddleGround will continue its tenancy in the building as we welcome Sabio to 10 Crosby Street to complement our diversified tenant base,” Eric Contos, senior vice president at Madison, said in a statement. “JLL’s command of the SoHo office market has kept the building full, and we value our long-standing partnership with the team.”
The length of the Sabio lease and the asking rents were unclear, but JLL said office rents in SoHo averaged $98 per square foot during the fourth quarter of 2024.
JLL’s Mitchell Konsker, Dan Turkewitz and Nicole Danyi brokered both deals for the landlord. The Kaufman Organization’s Jared Sternberg and Elliot Warren represented Sabio, and CBRE (CBRE)’s Neil King and Conor Kenny brokered the deal for MiddleGround.
Spokespeople for CBRE, Kaufman, Sabio and MiddleGround did not immediately respond to requests for comment.
The 35,000-square-foot building on Crosby Street between Howard and Grand streets was recently repositioned by Madison with a new lobby, upgraded systems and a new elevator, JLL said.
“The continued leasing momentum at 10 Crosby is testament to ownership’s effort to position the building to accommodate demand for superior boutique office space,” Turkewitz said in a statement. “The property offers highly attractive options at a time when tenants are seeking top space to support their growth strategies.”
Other tenants of 10 Crosby include organic meal delivery firm Sakara Life and handbag and accessories brand MZ Wallace, according to JLL.
Isabelle Durso can be reached at idurso@commercialobserver.com.
