Two tenants affiliated with non-profit organisations are moving into office space west of Union Square in Manhattan. In the larger deal, the Chan Zuckerberg Biohub, better known as Biohub, secured 10,666 square feet at 100-104 Fifth Avenue, a building owned by Sovereign Partners. The biomedical research organisation will occupy the entire ninth floor of the 20-storey tower at the southwest corner of Fifth Avenue and West 15th Street.
Biohub was founded in 2016 by Mark Zuckerberg and Priscilla Chan with the goal of curing, preventing, and managing human diseases. The organisation currently operates offices and a research laboratory in Columbia University's Studebaker Building at 615 West 131st Street. According to sources, the move represents a relocation from a Biohub office near Union Square, though no specific address in the neighbourhood was found. Biohub was represented by David Falk, Mike Courson, and Dylan Weisman of Newmark. Falk also represented Sovereign Partners, alongside Daniel Levine and Paige Raisides.
Other Prominent Tenants in the Building
The non-profit organisation is in good company in the Fifth Avenue office building. Fundraise Up, a fundraising platform for non-profit organisations, has also signed a lease in the building. Fundraise Up took 9,522 square feet across the entire seventh floor, representing a relocation from 219 36th Street in Brooklyn's Industry City complex. Lease terms for the two most recent deals were not disclosed, but asking rents in the building range from $110 to $150 per square foot.
David Hoffman, Sam Hoffman, and Louden Sheehan of Cushman & Wakefield negotiated the lease on behalf of Fundraise Up. The same Newmark team represented the landlord. The two leases bring 100-104 Fifth Avenue – which consists of two interconnected buildings – to 100 percent occupancy.
Full Occupancy and Diverse Tenant Structure
- —Fintech company Accrue Savings
- —Investment firm Battery Ventures
Spokespeople for Newmark, Cushman & Wakefield, Sovereign Partners, Biohub, and Fundraise Up did not immediately respond to requests for comment. The transactions highlight the continued appeal of high-quality office space in established Manhattan locations for diverse industries.
