Storefront, an emerging e-commerce platform and live shopping marketplace for brands and independent sellers, has signed a lease for 4,700 square feet in the Mactaggart Family & Partners office building at 555 West 25th Street. The lease term is two years, and the asking rent was in the upper $30s per square foot.
Michael Segerman of Current Real Estate Advisors represented both the landlord and the tenant in this transaction. The Storefront platform plans to commence operations this autumn. With this move, the company underlines its rapid growth and expansion in the New York real estate market.
Growth and Transparency in the Deal
Michael Segerman commented positively on the company's development: he observes very rapid growth at Storefront and expects the company to expand within the building in due course. According to Segerman, the dual representation of landlord and tenant allowed for increased transparency and fairness for all parties involved. He stated that this led to a fair conclusion for both sides, as there were no hidden facts and the process was significantly facilitated.
It is currently unclear whether this lease represents a new branch or a relocation for Storefront. However, it is certain that Storefront joins another prominent tenant in the Chelsea building. Susan Rodriguez Architects, an architecture and design firm founded in 2017, recently extended its lease at 555 West 25th Street. The firm will maintain its 4,151 square foot presence in the building. Cushman & Wakefield was the broker who negotiated this deal on behalf of the tenant.
Storefront's lease and Susan Rodriguez Architects' lease extension underscore the appeal of 555 West 25th Street as a location for innovative and established companies alike.
