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Deals & Dealmakers

Gift card marketplace Raise takes top floor at Kaufman’s 155 West 23rd

Gift card online marketplace Raise has taken a full floor at The Kaufman Organization’s 155 West 23rd Street.

The company signed a five-year, 6,933 s/f lease at the building’s 12th floor. The deal represents the first lease signed at newly repositioned building.

“Raise has significantly expanded its presence in Chicago. As it ventures east to New York City, we’re confident that the amenities, space and Midtown South address will afford the company the opportunity to establish a brand presence and experience the same growth as it has in the Midwest,” said Grant Greenspan, principal at the Kaufman Organization. “Kaufman’s strategic rebranding campaign at 155 West 23rdStreet, among our other properties, aims to attract growing business ventures like Raise. With the firm signing the first lease at the building, we expect leasing velocity at the building to match the success of the Madison Square Portfolio.”

The building was once part of the 13-building Ring Portfolio. Extell acquired a controlling stake in the property for $308 million in 2014. A year later, Kaufman entered a ground lease at the site for $45 million.

Kaufman recently completed $10 million in renovations at the 12-story tower. The improvements included a new lobby from architecture firm Design Republic.

Kaufman’s Grant Greenspan, Jared Sternberg and Aron Orbach represented the landlord 155 W 23 Leasehold LLC (in partnership with Goldman Sachs Asset Management Private Real Estate). Asking rent was in the mid-$70s per s/f. Raise is expected to occupy the space this summer.

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