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Deals & Dealmakers

Tech start-ups swallow vacancy at 400 Lafayette

ABS Partners Real Estate brokered two leases totaling 50,725 s/f at 400 Lafayette Street, bringing the Noho building to full occupancy.

The first deal was a five-year, 23,456 s/f lease for DraftKings, a web-based platform for fantasy sports, which will occupy the entire fifth floor of the building in July.

The second deal was a seven-year, 27,269 s/f lease for SeatGeek, an online ticket marketplace, which will occupy the entire fourth floor of the building in September.

In both transactions Jay Caseley, Joseph LaRosa and Charles Conwell of ABS Partners Real Estate represented the landlord, Sand Associates, LP.

Greg Wang, Joe Perlson and Eric Cagner of Newmark Grubb Knight Frank represented DraftKings in one transaction, while Jack Petrie and Eva Shih of OfficeLeaseCenter represented SeatGeek in the other. Asking rents were in the high $60s per square foot.

“DraftKings and SeatGeek are two very popular tech start-ups that have flourished in the past few years. Both companies outgrew their former space and were searching for a WIRED-certified building that could accommodate their current size and connectivity needs, while providing enough flexibility for continued growth,” said Caseley, partner and director of leasing at ABS.

“Each full-floor space at 400 Lafayette Street features an open layout that DraftKings and SeatGeek can design to their advantage, especially as they expand over time. The building is also located in a tech and media hub of the neighborhood, with industry giants like The Huffington Post and Facebook just a few blocks away.”

Constructed in 1930, 400 Lafayette Street is a five-story red-masonry building located on the corner of East Fourth and Lafayette Streets.  The landlord, Sand Associates, purchased the building in 1979 for its textile business, Summers & Oppenheim, which still occupies part of the ground floor.

The building is dog friendly and features a lobby attendant, 24/7 building access, a freight elevator, and large vertical windows. Tenants include Sony Music.

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