Fintech Firm Ramp Rises Up to 132K-SF Lease at 28-40 West 23rd Street
By Mark Hallum September 30, 2024 6:00 am
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A finance automation platform is ramping up its Midtown South office footprint to 132,000 square feet, Commercial Observer has learned.
Ramp inked a deal to expand by another 66,000 square feet at Williams Equities’s 28-40 West 23rd Street and moved to a direct lease for the same amount of space on a different floor it started occupying last year, bringing its total footprint to 132,000 square feet, according to the landlord.
The first 66,000-square-foot occupation was a sublease from Microsoft in September 2023. This transaction puts the entire footprint on a 10-year term directly with the landlord, according to Williams Equities.
Williams Equities did not immediately disclose the asking rent, but the average for Midtown South in the second quarter of 2024 was $84.50 per square foot, according to a report from CBRE.
“As one of the fastest-growing startups in New York, we are thrilled that Ramp has decided to call 28-40 West 23rd Street its home for the foreseeable future,” Colliers (CIGI)’ Mac Roos, who represented the landlord along with Andrew Roos, Michael Cohen and Jessica Verdi, said in a statement. “They bring a creative energy and the kind of tenancy that thrives within the building.”
Michael Mathias and RJ Johns of Cushman & Wakefield (CWK) negotiated on behalf of Ramp in the deal. A C&W spokesperson did not respond to a request for comment.
The lease expansion is more good news for the landlord, which secured a $155 million commercial mortgage-backed securities loan from Citi Real Estate Funding in April for the 12-story, 578,105-square-foot property composed of two next-door buildings on West 23rd Street, CO reported at the time.
Home Depot currently occupies 120,000 square feet in the retail component of 40 West 23rd Street, where it signed of of the biggest retail deals of the year in December 2020, which is saying a lot for the first year of the pandemic.
Home Depot moved into the building in 2004 and signed a 15-year renewal in 2020.
Mark Hallum can be reached at mhallum@commercialobserver.com.
