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Deals & Dealmakers

Dropbox uploading to 31,000 s/f at Two Trees’ 50 West 23rd

Two Trees Management Company announced that Dropbox, the cloud computing company, has signed a lease for 31,000 s/f at the firm’s Midtown South building, 50 West 23rd Street.

DropBox joins music and audio-sharing juggernaut, SoundCloud which leased 43,700 s/f in the building last summer.

Dropbox’s move to 50 West 23rd Street follows Two Trees’ repositioning of the property, geared towards the needs of tech tenants and the increased demand for space in the Midtown South neighborhood.

Relocating its New York office from 33 West 19th Street, Dropbox will take 31,270 s/f, which is the entire fourth floor, as part of a five-year lease with a five-year renewal option.

“Adding Dropbox to our roster of notable tenants at 50 West 23rd Street highlights how both giants in the tech world and growing startups seek quality space in Midtown South,” said Jed Walentas, principal of Two Trees Management.

“Building off of our success in DUMBO, where we learned that tech tenants need flexible, open office space, 50 West 23rd Street will continue to attract top tenants across the industry. This building remains an ideal location for firms looking for centrally-located, adaptable spaces with first-class amenities.”

Two Trees Management, known for transforming DUMBO into a critical node in Brooklyn’s tech triangle, bought the 340,000 s/f 13-story pre-war building in the fall of 2010.

Investing $25 million in 21st century upgrades, the building features include an 11,000 s/f rooftop garden designed by James Corner Field Operations, the landscape architect behind the High Line, and Manhattan’s first Brooklyn Roasting Company café on the building’s ground floor.

DataVision, the independent computer and consumer electronics retailer, also moved its flagship to the building’s ground floor in 2014.

Building upgrades also include a renovated lobby, new heating and cooling systems, high-speed elevators and modernized interiors.

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