Real Estate Weekly
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Deals & Dealmakers

Investment firm Betterment Holdings takes 16,909 s/f at 53 W. 23rd St.

Adams & Co. Real Estate completed a 16,909 s/f lease at 53 West 23rd Street for Betterment Holdings Inc.

The automated investment company is opening a new office spanning the entire fourth floor of the Midtown South building.

James Buslik, Alan Bonett and Brad Cohn of Adams & Co. represented the landlord, Twenty Three R.P. Associates, in the transaction.

Michael Mathias of Savills Studley, Inc. represented the tenant. Although the full details of the transaction were not disclosed, asking rent was $66 per square foot.

“At 53 West 23rd Street the landlord invested $3 million in renovations, which included the creation of a new lobby. The expanded and restored lobby has been attracting dynamic, established tenants like Betterment Holdings,” said Buslik, principal of Adams & Co.

“In addition, the property provided an ideal second office for the investment company right next to its headquarters at 61 West 23rd Street. That allowed the firm to keep its location consolidated in Midtown South, the ideal location for recruiting and retaining a growing staff.”

Built in 1915, 53 West 23rd Street is a 12-story building located between Fifth and Sixth Avenues.

The property underwent a major lobby transformation earlier this year, expanding the existing space and restoring segments of the original terracotta entrance with ornate details.

Notable office tenants include Flywheel, W.B. Mason, New York Presbyterian Hospital and 4 Kids Entertainment, with P.C. Richard & Son in the property’s retail space.

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