Maybern, a financial technology company specialising in private markets fund management solutions, has signed a long-term lease renewal at 10 Astor Place. As part of this agreement, Maybern will expand its footprint in the GFP Real Estate-owned building from 11,000 square feet to 30,000 square feet. This includes the renewal of the lease for the entire third floor, as well as the addition of the entire fourth floor, as announced by GFP.
The lease extends for a period of more than 10 years. The asking rent was not disclosed. However, according to data from Colliers, the average asking rent for office space in nearby Tribeca was USD 83.18 per square foot in the second quarter.
Strategic Expansion in Midtown
Maybern first occupied 10 Astor Place in 2024, leasing 11,000 square feet after outgrowing its previous office space in SoHo, according to GFP. Neith Stone of GFP represented the landlord in the transaction, alongside Rob Silver, Anthony Sciacca and Brittany Silver of Newmark.
Neith Stone stated in a comment on the deal's announcement that expansion tells a more powerful story in today's market than relocation. When an existing tenant more than doubles their space and commits for the long term, it is a strong vote of confidence. Tenants are drawn to boutique buildings like 10 Astor Place because they offer something that new builds cannot replicate: enduring architecture, unparalleled character and the kind of personalised service that companies value today.
Jonathan Franzel and Leo Koné of Newmark represented the tenant. Jonathan Franzel told CO that they were pleased to have supported Maybern in expanding its headquarters at 10 Astor Place. The building represents an excellent long-term solution that not only meets the company's current needs but also offers the flexibility to support rapid growth. They look forward to seeing Maybern flourish in its new home in the years to come.
Building History and Tenant Structure
Built in 1876 by architect Griffith Thomas, 10 Astor Place is a seven-storey office building with a total area of 156,000 square feet, located four blocks east of Washington Square Park. Tenants include co-working company The Malin and self-storage company Stuf.
