R
amp, a fintech startup, is expanding its presence in the Manhattan office market. The company has signed a deal with Williams Equities to occupy an additional 66,000 square feet at 28-40 West 23rd Street, bringing its total space at the property to 132,000 square feet. This expansion marks a significant shift from Ramp's previous sublease arrangement on the same floor.

    The asking rent for the new lease was not disclosed, but the average rent in Midtown South was $84.50 per square foot in the second quarter, according to CBRE. The new lease will cover all of Ramp's space at the property and has a 10-year term.

    Ramp had previously relocated from Madison Capital's 71 Fifth Avenue to sublease space from Microsoft at 28-40 West 23rd Street. The startup offers corporate credit cards and cost-cutting services for businesses.

    Williams Equities recently refinanced the property with a $155 million loan from Citi Real Estate Funding, which will be used to upgrade the building's amenities, including a roof deck and triplex penthouse office suite. Other notable tenants at the property include Home Depot and Estee Lauder brand Aramis.

    Despite a decline in monthly leasing activity in Manhattan from July to August, the borough is on track to surpass 30 million square feet in volume for the first time in five years, according to Colliers' latest report.