SDC Capital Partners has signed a new office lease south of Union Square in Manhattan. The global digital infrastructure investment firm is leasing 22,531 square feet of office space in the 799 Broadway building from Savanna, according to a source familiar with the deal. The lease represents a slight relocation for SDC, as the firm maintains its current offices one block north at 817 Broadway.
For the new office space, the firm signed a 12-year lease for the entire 12th floor of 799 Broadway. This brings the property on the corner of East 11th Street to full occupancy, as announced by Savanna. Savanna did not disclose the name of the new tenant, but a source confirmed it to be SDC. A request from Commercial Observer to SDC initially went unanswered.
Market Conditions and Parties Involved
The achieved rent for the new contract was not disclosed. The average asking rent for office space in the Union Square/Flatiron District area was $86.96 per square foot in the second quarter, based on data from Newmark.
The tenant was represented by Evan Algier, David Mainthow, Michael Montesi and Nick Masi of Cushman & Wakefield. Savanna was advised by Benjamin Bass, Mitchell Konsker and Thomas Swartz of JLL. Both C&W and JLL declined to comment.
Brian Reiver, Chief Real Estate Officer at Savanna, stated in a release that the full occupancy of 799 Broadway is a significant achievement for Savanna and partner Anastacia. He called it a testament to the quality of the property, its exceptional location and the strong demand for prime office space. Upon jointly acquiring the property, they were aware of the opportunity to build upon an already strong foundation and create one of Lower Manhattan's leading office destinations.
About the 799 Broadway Building
Completed in 2022, 799 Broadway is a 12-storey office building. Its current tenants already include venture capital firm Lightspeed and investment firm Wellington Management. The building's location and modern amenities significantly contribute to its appeal for tenants from the financial and technology sectors.
- —Building: 799 Broadway
- —New Tenant: SDC Capital Partners
- —Area: 22,531 square feet
- —Term: 12 years
