Events Company Posh Relocating to 11K SF at 40 Crosby Street
By Lois Weiss September 11, 2024 2:30 pm
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A well-funded event tech company will be moving to KPG Funds’ 40 Crosby Street in SoHo, Commercial Observer has learned.
The company, Posh, leased the entire, 11,201-square-foot fourth floor of the building in a five-year deal, according to a source with knowledge of the deal. Asking rent in the property, which sits between Broome and Grand streets and has an alternative address of 480 Broadway, was $120 per square foot.
Posh was launched by DJ Avante Price and photographer Eli Taylor-Lemire in 2020 to “foster authentic social interactions” and transform “the event organizing landscape,” according to its website. It received a total of $31 million in venture capital funding and will be moving from a spot at 110 Greene Street, about a block from its new digs.
Posh was represented by Eric Siegel and Raymond Balassiano of LSL Advisors. KPG handled it in-house via Greg Kraut along with David Malawer of Newmark (NMRK).
The property was purchased for $17.1 million in 2022 by KPG as part of a two-building deal, along with 155 Spring Street, from Vornado Realty Trust during the height of the COVID-19 pandemic. KPG has since put in another $25 million in renovations to create a hospitality and residential-like atmosphere targeted toward upscale tech and finance firms that want to be in the SoHo area.
“The landlord’s commitment to a full retrofit of the building is already yielding results, even before completion at the end of this month,” Malawer said in a statement. “We have successfully secured the first lease and are in discussions with several other prospective tenants, drawn by the above-standard prebuilt floors. This achievement, including reaching triple-digit rents, reflects the strong demand for Class A, top-of-the-line product in the SoHo market.”
LSL and KPG could not immediately be reached for comment.
The Posh website has more than 2 million followers who sign up for music and party events promoted by others. The website works with DJs, venues and photographers to bring them together with event promoters.
The website powers the event promotions and earns a 10 percent fee from ticket sales, plus 99 cents per ticket, as it provides customizable event pages, unlimited free SMS campaigns, and instant daily payouts.
