London-based sports analytics and technology company Genius Sports is relocating its US headquarters to 1290 Avenue of the Americas. The company has signed a ten-year lease with Vornado Realty Trust for 53,000 square feet on part of the sixth floor of the building. The asking rent was $99 per square foot, as first reported by The Real Deal.
This move represents a significant expansion for Genius Sports, which previously occupied 28,000 square feet of office space at 512 West 22nd Street in West Chelsea. The latter property changed hands last year for $205 million, from Vornado and the Albanese Organization to Raghsa Real Estate.
Newmark's Josh Berg and A.J. Dorn negotiated the deal on behalf of Genius Sports. Vornado was represented internally by Ryan Levy and Edward Riguardi. A spokesperson for the landlord declined to comment on the transaction.
High Occupancy and Renovation
The arrival of Genius Sports increases the occupancy of 1290 Avenue of the Americas to 95 per cent. The 43-storey building, which occupies an entire block between 51st and 52nd Streets, is anchored by investment management firm Neuberger Berman. It recently underwent a $45 million renovation, which modernised the lobby and building amenities.
Vornado owns 70 per cent of the building, while the Trump Organization holds a passive 30 per cent stake. Other tenants have also recently taken space in this tower. For instance, management consulting firms Portage Point Partners and Protiviti leased a total of 93,000 square feet late last year. In January, investment manager Oaktree leased the entire twelfth floor of the building, just a few floors below the 101,000 square feet occupied by law firm Selendy Gay.
