Data science firm moves to Lower Manhattan

Data science and AI-powered solutions firm Ekimetriks has moved its sole US location to 120 Broadway in Lower Manhattan. The company, which committed to 24,367 square feet over 10 years, will occupy a portion of the 29th floor at Silverstein Properties’ 1.9 million-square-foot skyscraper.

Silverstein Properties Vice President Harlan Strader and Newmark Managing Executive Director Erik Harris represented the ownership, while Colliers Vice President Eric Ferriello worked on behalf of the tenant.

Ekimetrics will move from 155 W. 23rd St., a 12-story Chelsea building owned by MC Real Estate Partners. At the new location, the firm will join a roster that includes Golden Goose, Old Mission Capital and Tower Research Capital, which recently signed a 121,903-square-foot lease in the building.

READ ALSO: It’s time for CRE to work smarter

Silverstein Properties bought the 40-story asset in December 1981 for $60 million from Equitable Life Assurance Company of the United States, CommercialEdge information shows. In 2020, the property underwent two loans worth $510 million, originated by Wells Fargo Bank.

An updated office in Manhattan

Also known as the Equitable Building, the skyscraper went online in 1915 as the tallest office building in the world and went through renovations in 1990 and 2019, according to the same source.

The recent upgrade included a $50 million capital program that included renovating the entrances, new front desk and rooftop space, New York restrained reported. Beyer Blinder Belle took care of the restoration and modernization.

Other improvements consist of The Bankers Club, a tenant-exclusive penthouse with terraces, a lounge, food hall and café, along with the redevelopment of the 10th floor into a full-floor amenity center featuring a yoga, conference facilities, a 1980s arcade room and a speakeasy. The high-rise also has 30,000 square feet of retail space.

The LEED Gold-certified skyscraper is in Lower Manhattan’s financial district and spans an entire city block. The building is within walking distance of 80 Pine St., a 1.2 million-square-foot property where Vibrant Emotional Health moved last year.

Manhattan’s office sector remains stable

Since February, Manhattan saw a 460 basis point decline in asking rates on a year-over-year basis, but still leads the country in terms of prices, averaging $71.5 per square foot, the latest CommercialEdge bureau report shows . The municipality’s vacancy rate during the same month reached 16.8 percent, 110 basis points lower than the national average.

Earlier this month, Citizens Bank committed to 74,000 square feet at 1301 Avenue of the Americas, Paramount Group’s 1.7 million-square-foot building. Dating back to 1965, the high-rise was renovated in 1989.

In February, law firm Kilpatrick Townsend & Stockton LLP signed a 27,667-square-foot lease at 3 Times Square, a 950,000-square-foot skyscraper owned by Rudin. The company is expected to move in the third quarter of this year.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *