RENT Report - Silicon Alley
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This document summarizes real estate trends in the technology neighborhoods of Union Square, Gramercy Park, and Flatiron in New York City. It finds that availability rates decreased while net absorption increased in these areas from Q2 2015 to Q2 2016, indicating strong demand. It also profiles several leading tech companies that recently signed leases in the area and established offices, attracted by the thriving ecosystem of talent and amenities.
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RENT Report - Silicon Alley
- 1. Cresa New York | P. 1Real Estate News in Technology Report Union Square / Gramercy Park / Flatiron District RENT - Tech Report Real Estate News in Technology “Silicon Alley” refers to the thriving neighborhoods in New York City popular among TAMI (Tech, Advertisement, Media & Information) companies. This area, encompassing corridors stretching from Chelsea/Flatiron and Union Square in the West all the way to DUMBO, Brooklyn in the East, has become synonymous with innovation and growth. Silicon Alley is often compared to its more established counterpart in Silicon Valley, as a natural East vs. West rivalry and as the two largest technology and Venture Capital hubs in the United States. Still a number of years behind “The Valley,” Silicon Alley has safely established itself as the preeminent destination for TAMI companies on the East Coast. Due to the prevalence of smaller full floor lofts, the relative affordability of scaling a business in New York (vs. San Francisco) and the amazing ecosystem of nightlife, dining, events and talent, it’s no wonder that over $7.3 billion was raised by the VC community to support alley-based companies in 2015*. Examples of leading companies that call Silicon Alley home include Google, General Assemb. ly, WeWork, AppNexus, Buzzfeed and many more. What differentiates the New York cultural ecosystem is exactly what makes Silicon Alley so desirable, namely, the confluence of creative professionals from diverse industries interacting on a daily basis in the elevators, lobbies, lunch lines and at neighborhood happy hours. F ibeca City Murray Hill Penn Plaza/Garment Hudson Square Greenwich Village Gramercy Park Plaza District Grand Central U.N Plaza Columbus Circle Times Square Chelsea Soho MIDTOWN NORTH Gramercy Park Flatiron Union Square 22ND ST 25TH ST 2NDAVE IRIVNGPl. UNIONSQWFIFTH SIXTHAVE 18TH ST 19TH ST 14TH ST Union Square Gramercy Park Flatiron District Q2 2016 Q2 2015 Change Q2 2016 Q2 2015 Change Q2 2016 Q2 2015 Change Gross Rent Per SF $71.54 $69.65 2.8% $72.11 $72.47 0.5% $70.64 $69.71 1.3% Availability Rate 9.3% 11.9% 22% 11.0% 13.4% 18% 8.3% 8.2% 1.2% Available SF 503,682 644,287 22% 556,036 678,785 18% 1,204,967 1,190,031 1.2% Net Absorption -8,148 -24,439 300% -28,433 -385 7,385% 32,455 134,840 76% FdrDr FinancialDistrict InsuranceDistrict WorldTrade Center Tribeca City Hall Murray Hill Penn Plaza/Garment Hudson Square Greenwich Village Gramercy Park Harlem North/Manhattan Upper West Side Upper East Side Plaza District Grand Central U.N Plaza Columbus Circle Times Square Chelsea Soho MIDTOWN NORTH MIDTOWN SOUTH DOWNTOWN Gramercy Park Flatiron Union Square 22ND ST 25TH ST 2NDAVE PARKAVES UNIONSQW MADISON SIXTHAVE 18TH ST 19TH ST 14TH ST - July 2016 *Source: National Venture Capital Association and PriceWaterhouseCoopers (2016, January). Venture Investment. The Money Tree Report. Retrieved from http://nvca.org/research/venture- investment/
- 2. Cresa New York | P. 2Real Estate News in Technology Report RENT - Tech Report Real Estate News in Technology Union Square / Gramercy Park / Flatiron District 1 2 3 4 Building 15 East 26th Street 251 Park Avenue South 41 West 25th Street 352 Park Avenue South 31 West 26th Street Submarket Gramercy Park Gramercy Park NoMad Gramercy Park Chelsea Type Direct Direct Direct Sublease Sublease Premises (Rentable Square Feet) Partial 8th 6,909 RSF Entire 6th 7,668 RSF Entire 5th 5,412 RSF Entire 11th 12,000 RSF Entire 5th 1,700 RSF Asking Rent (Per Square Foot) $68.00 PSF $78.00 PSF $58.00 PSF $58.00 PSF $60.00 PSF Term Thru 07/2018 Negotiable 3-10 Years Thru 11/2019 Thru 09/2017 Notes Brand new creative prebuilt space. Office features 2 offices, conference room, large pantry, and open space for 80. Great light, exposed ceilings, concrete floors. Prebuilt creative space. Open area, pantry, concrete floors. Open’ creative layout. Landlord willing to build for qualified user/deal. Plug and play sublease. Open plan with furniture included. Potential for long-term direct deal. Off-market Sublease. Built creative space with conference room, 2 meeting rooms, open area, exposed brick and hardwood floor. Furniture included. - Availabilities
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Cresa New York | P. 3Real Estate News in Technology Report Union Square / Gramercy Park / Flatiron District RENT - Tech Report Real Estate News in Technology 1 2 3 4 5 6 Tenant Grovo Barstool Sports Updater Orchard Casper Pond5 Location 50 W 23rd Street 13-15 W 27th Street 19 Union Square West 386 Park Avenue South 230 Park Avenue South 251 Park Avenue South Year - Quarter 2016 - Q1 2016 - Q2 2016 - Q2 2016 - Q2 2015 - Q4 2016 - Q1 Floor Entire 5th-6th, Entire 12th Entire 3rd Entire 12th Entire 3th-4th Entire 13th-14th Entire 7th Size 70,000 RSF 5,909 RSF 9,233 RSF 26,242 RSF 31,766 RSF 7,659 RSF Type New Lease New Lease New Lease New Lease New Lease New Lease Term 11 Years 2 Years, 2 Months 10 Years, 5 Months 7 Years, 4 Months 5 Years, 3 Months 10 Years, 6 Months Starting Rent $67.00 $64.00 $72.00 $65.00 $76.00 $74.00 KIPS BAY MURRAY HILL GRAMERCY FLATIRON FASHION Union Square Stuyvesant Sq Tudor City Jackson Sq Bryant Park Herald Sq Gree -ley Sq Bunche Park St Vartan Park Dag Hammarskjold Plaza Phipps Plaza West Gramercy Park Madison Square Park E 26TH STREET 1STAVENUE1STAVENUE1STAVENUE 3RDAVENUE 1STAVENUE W 17TH STREET W 46TH STREET W 45TH STREET W 16TH STREET W 14TH STREET W 43RD STREET W 15TH STREET W 27TH STREET W 32ND STREET E 16TH STREET ANE STREET E 44TH STREET E 43RD STREET E 16TH STREET E 22ND STREET E 23RD STREET E 25TH STREET E 31ST STREET E 26TH STREET E 18TH STREET E 28TH STREET E 30TH STREET E 27TH STREET E 29TH STREET E 33RD STREET E 32ND STREET E 34TH STREET E 17TH STREET E 16TH STREET W 30TH STREET E 12TH STREET E 13TH STREET E 45TH STREET E 24TH STREET BROADWAY E 21ST STREET E 43RD STREET E 45TH STREET E 47TH STREET E 46TH STREET E 41ST STREET E 39TH STREET E 17TH STREET E 15TH STREET UNIVERSITYPLACE IRVINGPLACE 2NDAVENUE E 36TH STREET TUDORCITYPLACE E 22ND STREET E 34TH STREET E 35TH STREET PARKAVENUE E 19TH STREET E 47TH STREET E 46TH STREET E 42ND STREET E 40TH STREET E 41ST STREET W 42ND STREET GREENW ICH AVENUE E 38TH STREET E 37TH 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13TH STREET E 12TH STREET E 13TH STREET BROADWAY BROADWAY W 37TH STREET W 38TH STREET W 39TH STREET W 40TH STREET QUEENS-MIDTOWN TUNNEL W 33RD STREET E 44TH STREET VANDERBILTAVENUE UNIONSQUAREW 1STAVENUE 2NDAVENUE 3RDAVENUE 4THAVENUE 7THAVENUE BROADWAY E 28TH STREET E 27TH STREET 5THAVENUE 8THAVENUE 13 881 B'way115 Fifth 505 Fifth 222 E 41 EWalk 49 14 230 W 41 358 362 2 W 46 115 W 18 48 W 25 28 W 23 116 1372 B'way 20 W 47 250 Park 928 135 138 W 25 37 W 26 401 Fifth 45 W 45 510 Fifth 15 W 36 6 E 46 119Fifth 41 E 31 270 Mad 144 E 44 250 Fifth 309 10 535 Fifth 262 W 38 19 W 34 145 W 30 260 Mad 2 W 45 1180 AofA 49 19 W 21 30 E 33 236 W 27 920 25 W 39 401 Park S 451 250 Park S 133 W 21 1460 B'way 1385 B'way 102 Mad 27 W 24 235 E 45 9 104 E 25 5 Penn Plz 519 Eighth 72 873 B'way 317 E 34 381 Park S 750 Third 349 Fifth 1150 30 E 40 251 Park S 535 Eighth 380 Mad 237 W 35 41 U Sq W 317 Mad 36 24 E 21 340 Mad 522 Fifth 137 E 25 49 W 27 20 W 33 172 501 Fifth 1115 B'way 18 635 AofA 867 242 W 30 333 Seventh 105 Mad 25 W 45 286 249 W 17 1440 B'way 134 W 37 264 W 40 562 1375 B'way 315 Park S 90 Park 421 1185 AofA 1333 B'way 24 W 40 300 E 42 432 Park S 116 E 27 989 22 W 27 22 W 19 529 Fifth 148 26 W 39 32 W 39 575 Eighth 152 228 E 45 302 Fifth 90 Fifth 271 1166 AofA 149 Mad 79 Mad 636 AofA 312 10 W 33 33 W 17 1123 B'way 520 1 E 42 777 58 W 40 50 E 42 747 Third 24 151 W 26 1 UN Plaza 470 345 Seventh 1250 B'way 99 Mad 373 91 Fifth 38 E 19 51 E 42 19 W 44 39 W 19 108 W 39 15 W 28 330 Seventh 404 Fifth 35 E 21 386 104 145 E 32 101 Park 815 Second 147 W 22 114 W 26 303 Fifth 363 129 W 27 4 Park 261 Fifth 512 Seventh 1261 B'way 31 E 28 838 B'way 469 Seventh 915 B'way 43 655 Third 387 Park S 79 Fifth 18 W 18 38 E 32 245 W 17 240 W 37 127 W 25 40 W 25 350 Mad 417 Fifth 360 Park S 711 Third 375 257 Park S 30 1441 B'way 233 Park S 373 235 842 550 142 W 24 545 935 B'way 231 W 39 525 Seventh 300 Park S 116 W 32 241 115 W 29 1201 B'way 230 W 17 246 W 38 205 E 42 254 W 31 924 468 Park S 425 Lex 21 W 46 1239 B'way 45 E 20 875 AofA 600 Third 54 W 21 260 W 39 20 240 7 8 224 W 35 205 Lex 5 W 19 44 W 28 841 B'way 708 Third 1411 B'way 1370 B'way 275 671 Eighth 215 Lex 151 W 46 355 Lex 151 10 1140 345 Park S 22 W 21 1071 AofA 462 113 137 63 W 38 450 -460 15 W 39 148 W 37 1 141 W 36 445 Fifth 27 W 20 119 W 40 166 730 Third 801 Second 213 W 35 227 E 44 100 Fifth 16 E 34347 80 Fifth 1 Park 274 135 W 18 366 Mad 22 W 34 461 Fifth 385 605 Third 330 Mad 307 500 Seventh 826 B'way 139 W 35 1225 B'way 290 443 Park S 240 W 40 162 Fifth 120 335 Mad 192 Lex 1010 AofA 147 267 95 Mad 24-32 U Sq E 230 Fifth 1270 222 E 44 100 Park 7 Times Sq 565 Fifth Ecko 40 W 23 67 561 304 E 45 220 1170 B'way 110 Fifth 485 Seventh 366 Fifth 450 Seventh 112 -116 1107 B'way 220 W 19 215 Park S 1500 B'way 6 E 39 570 Seventh 633 Third 475 Park S 141 W 28 20 W 36 20 W 22 907 35 W 36 331 19 500 Fifth 280 437 242 W 36 211 E 43 509 11 554 28 245 W 29 110 245 Park 227 E 45 7 W 34 820 Second 902 B'way 433 53 99 Park 552 980 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Hippodrome 1120 AofA One Herald Center Nigerian Mission 828 2 Herald Sq 1328 B'way 229 W 43 Forbes 60 Fifth Time Warner 120 E 23 Chrysler East 666 Third 1 Times Sq Pz 1475 B'way Graybar Bldg 420 Lex Emi- grant 6 E 43 104 W 40 The Millen- nium 145 W 44 11 Penn Plz 393 Seventh HBO 1100 453 Public Library Helmsley Bldg 230 Park Young & Rubicam 285 Mad New York Times 620 Eighth 1 Astor Plaza Viacom 1515 B'way US Trust 114 W 47 EMI 150 Fifth Ziff-Davis 63 Mad Flatiron 175 Fifth Ford Found -ation 320 E 43 Macy's Bank of America 1 Bryant Park W Hotel 389 Fifth Hiro Plaza 150 E 42 Westin Hotel Pierpont Morgan Library Bellevue Hospita Bellevue Hospital Police Academy Police Dept Imperial Ch of the Transfig Har- vard Club St Georges Ch Ch of the Covenant Holy Trinity Ch St James Shelburne Hotel Allerton Hotel Plym- outh New York University St Mary the Virgin Mil- ford Plz New School Ch of Scient -ology Hotel Milennium Carlton House Fire Dept National Shrine Court -yard Berkeley College Princeton Club Booth Slavic Christ Ch s n h Bryant Park Penn Station Madison Square Garden Broad- hurst Ch of the Incarnation W Irving HS Hotel Thirty Thirty Fire Dept Luth Ch Hotel Steton NY Helmsley Hotel Muse Hotel Gol- den Pratt- Phoenix Sch Design Quality Inn Hotel Kitano PS 226 Future HS Hotel Carter Public Library Radisson Martinique Doral Park Mans- field Salvation Army Para- mount Marriott Residence First Christ Ch Fire Dept Police Dept Avalon NY Eye & Ear Infirmary Rem -ing -ton Gersh -win Friends Sem feld Hayes Palace Cornell Club St Illumtr Armen Ch Fitz- patrick Public Library New York Public Library St John Baptist Gr Orth Ch Bel- asco Aaron ES Fire Dept Roosevelt Hotel Fashion Institute of Technology BT Fire Dept St Vincent's Hospital Adereth Israel Roosevelt Birthplace Marble Collgt Ch Madison Towers Sch Industry City & Country ES Chr Luth Ch 1st Mora -vian Ch Roy -ale ke's th Ch Grand Hyatt Marriott Marquis Post Office Red Roof NY Theol Sem Penn Club Shubert Con Ed Moshe Synag 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Day HS Ch of the Immac Concep -tion Public Library Our Lady of Guadalupe Liberty HS New School Sheraton Russell NY Foundling Majestic New Ch Chelsea Savoy Algon -guin St John Baptist Francs Ch Calvary Ch Union League Club Village Temple Chelsea Int'l Satellite Acad HS 551 Fifth 110 E 42 220 E 42 8 E 40 1501 B'way 130 W 42 6 Times Sq 80 390 Fifth 1356 B'way 275 Seventh 226 W 26 71 W 23 119 W 24 352 Park S 38 E 30 380 Second 200 Park S 225 Park S 1560 B'way 72 1 SUNY Unifi- cation Ch Hotel QT Hud -son Hilton11 Times Sq Hilton Theater New Victory Amer- ican Airlines 28 Post Office St Vartan Armenian Cathedral NYU Cancer Center 44 Police Dept 130 W 30 NYC Health Dept NYU Sch of Medicine NYU Dental Center 22 W 23 Post Office 150 W 22 118 W 22 36 Gramercy Park Hotel Sch Visual Arts 35 -45 Irving 55 Fifth N Thomas HS 425 Fifth W Tuscany So- FitelCity Club Club Quar- ters St Vincent's Hospital Grand Central Terminal Holy Innocents Ch CUNY Grad School NYU Medical School St Francis of Assisi Ch Good Shepherd Ch South Park Hotel St Sava Serbian Cathedral 69th Regiment Armory Baruch College Veterans Administration Medical Center Baruch College St Vincent dePaul Ch Beth Israel Medical Center 33 Irving Pl 30 Irving Pl New 1 - Recent Deals 4 5 6 2 3 1 2 3 4
- 4. Select Clients Cresa New York 1633 Broadway 22nd Floor New York, NY 10019 212.758.3131 Even though obtained from sources deemed reliable, no warranty or representation, express or implied, is made as to the accuracy of the information herein, and it is subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to special listing conditions. Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Strategic Services, Corporate Solutions, Site Selection, Lease Administration, Capital Markets, Mission Critical Solutions, Relocation Management, and Facilities Management. For more information, visit www.cresa.com/newyork. Jonathan Buksbaum Vice President Direct: 212-687-4206 Cell: 917-623-5252 JBuksbaum@cresa.com Peter Brestovan Vice President Direct: 212-687-4361 Cell: 203-331-6123 PBrestovan@cresa.com For more information: cresa AT A GLANCE Our Firm’s Values Integrity Partnership Entrepreneurship We are guided by the principle Do the right thing. US Locations Canadian Locations We have over 50 offices in North America, each providing tenant- focused, integrated commercial real estate and consulting services. Cresa is the world’s largest tenant-only commercial real estate firm. In 2015 we provided unbiased, conflict-free advice for over 950 Highly collaborative & entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. Cresa is one of the Top Commercial Real Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015. 59,779,283 776 Cities Globally 61 Industries 2,121 Clients SF of transactions spanning In the News: Click to read full article 1. Manhattan price per square foot encouraging users to look at the boroughs 2. Consolidation in SaaS (Tomasz Tunguz) 3. Twilio IPO and industry optimism Planning • Schedule • Demographics • Budget/Incentives • Image • Needs Assessment • Programming • Amenities • Location Transaction Management • Feasibility Planning • Landlord RFPs • Market Study • Tours • Financial Analysis • Negotiations • Contract • Execution Project Management • Plans • Permits • Budget • Schedule • Vendors • Voice/Data • Coordinate Installs • Relocation Management • Designers • Contractors About Cresa cresa AT A GLANCE ple ant- es. m. 950 Highly collaborative entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. Cresa is one of the Top Commercial Real Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015. cresa AT A GLANCE nciple g. enant- vices. e firm. 950 Highly collaborative entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. Cresa is one of the Top Commercial Real Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015.ons AT A GLANCE are guided by the principle Do the ight thing. ca, each providing tenant- and consulting services. mmercial real estate firm. e advice for over 950 Highly collaborative entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. Cresa is one of the Top Commercial Real Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015. 2,121 Clients SF of transactions spanning RENT - Tech Report Real Estate News in Technology cresa A GLANCE 950 Highly collaborative entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. resa is one of the op Commercial eal Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015. cresa AT A GLANCE 950 Highly collaborative entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. Cresa is one of the Top Commercial Real Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015. cresa AT A GLANCE ple ant- es. m. 950 Highly collaborative entrepreneurial staff. 59% Transaction Management 13% Project Management 8% Consulting Services 20% Administrative Continuing to rank in the top 3 for service metrics and #1 in client satisfaction according to the Watkins Research Group. Cresa is one of the Top Commercial Real Estate Firms 83% clientsatisfactionrating North American Revenue Exceeded $290 Million in 2015.s