venture capital company 25madison will move its offices to Union Square to 817 Broadwaylearned Commercial Observer.
The company signed a six-year lease for 9,943 square feet in the 14-story building between East 11th and East 12th streets, according to Newmark, who brokered the deal for both parties. The asking rent was around $90 per square foot.
25madsion – which invests in early stage startups, with past targets including a fintech company Model and the bubbly tequila brand (yes, really) wave — is currently headquartered near 853 Broadway. It plans to move into its new digs in the fourth quarter, according to Newmark.
“Union Square has become an extension of Silicon Alley, as evidenced by the top venture capital and tech firms that gravitate to the area,” Newmark said. Ben Shapirowho represented 25madison with John Cilmi, said in a statement. “New York’s startup ecosystem is thriving, and we’re confident 25madison will continue its success in its new state-of-the-art location.”
The owners – Taconic Partners, Nuveen Real Estate and Squire Investments — were represented by David Falk, Jason Greenstein, Daniel Levine and Jordyn Comrasalso from Newmark.
Taconic, Nuveen and Squire purchased the 140,000 square foot 817 Broadway in 2016 and completed a $30 million redevelopment in 2019 that included an upgraded lobby, restored exterior, communal rooftop terrace, new windows and a curtain wall on the ground floor.
The owners have signed several agreements on the property this year, including a venture capital company Union Square Ventures taking up 13,500 square feetLondon-based investment manager Steadview Capital Management signing of a 9,943 square foot lease to open its first U.S. office in property, and a private equity firm Coming catch 9,943 square feet.
Nicholas Rizzi can be reached at [email protected].