{"id":1004636529,"date":"2022-12-22T08:19:44","date_gmt":"2022-12-22T16:19:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004636529"},"modified":"2023-03-22T03:05:21","modified_gmt":"2023-03-22T11:05:21","slug":"compstak-expands-footprint-with-hq-lease-in-nyc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/","title":{"rendered":"CompStak Expands Footprint With HQ Lease in NYC"},"content":{"rendered":"
\"675<\/a>

675 Ave. of the Americas. Image courtesy of GFP Real Estate<\/p><\/div>\n

Commercial real estate data and analytics platform CompStak <\/strong>has doubled its New York City footprint with a 25,644-square-foot, five-year lease. The company has inked an agreement at GFP Real Estate<\/strong>\u2019s mixed-use 675 Ave. of the Americas, in Manhattan\u2019s Chelsea neighborhood.<\/p>\n

The fourth floor of the office building will serve as the firm\u2019s new global headquarters. Newmark <\/strong>worked on behalf of both parties in the lease signing, with GFP Real Estate Chairman Jeff Gural also representing the landlord.<\/p>\n

With ongoing operations at Cooper Square Associates<\/strong>\u2019 36 Cooper Square as well, CompStak joined the existing tenant roster at the property, including Guidepoint Global, Nielsen and Michaels, among others. The latter signed a 32,000-square-foot lease renewal<\/a> with GFP back in August. The firm\u2019s new office space is Quartz Media\u2019s former space.<\/p>\n

675 Ave. of the Americas was originally completed in 1901 for the Adams Dry Goods department store, on the west side of the 6th Avenue, between the 21st and 22nd Streets. The historic building underwent cosmetic renovations in 1986, 1998, and 2013, according to CommercialEdge.<\/p>\n

\n

READ ALSO<\/strong>: What Corporate America\u2019s New Office Looks Like<\/a><\/p>\n

\n

The 311,000-square-foot property was designed by Delemos & Cordes <\/strong>and built around the same time as the famed Flatiron Building, as revealed by Metro Manhattan<\/em>. The same source indicates that GFP Real Estate picked up the asset back in 2019 for $89 million from Chelsea Green Associates<\/strong>. The property is subject to a 48-year unsubordinated net ground lease held by Avemer Associates<\/strong>, carrying a 2032 maturity date, as shown by CommercialEdge.<\/p>\n

Returning to New York City\u2019s offerings<\/h2>\n

Despite the ongoing tech downsizing in the Northeast, analyzed in a recent CommercialEdge report<\/a>, CompStak\u2019s Co-Founder & CEO Michael Mandel said in a prepared statement that the office expansion at 675 Ave. of the Americas is meant to facilitate its return to the office<\/a>. The company bucked the trend by moving staff back into the office more than a year ago, as many companies, especially in the tech space, have decided to go fully remote in recent years.<\/p>\n

CompStak has recently published a market report which supports the emerging “flight to quality” trend<\/a> among office tenants. The company’s findings disclose that 63 percent of tenants moved from one Class A building to another and 13.4 percent of them upgraded their spaces from Class B to Class A buildings.<\/p>\n

Located in Manhattan’s Flatiron district, less than one mile from Union Square Park, Madison Square Park and Gramercy Park, 675 Ave. of the Americas is accessible via several subway lines. An array of New York City\u2019s retail, dining, and entertainment destinations are also nearby.<\/p>\n

Newmark Managing Director Anthony Sciacca, Executive Managing Director Robert Silver, together with Associate Directors Brittany Silver and Jamie Jacobs represented the landlord in the transaction, while Director Todd Hershman brokered the lease signing on behalf of the tenant.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fourth floor of the office building will serve as the firm\u2019s new global headquarters.<\/p>\n","protected":false},"author":3030,"featured_media":1004636535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[33810,42380,50999],"class_list":["post-1004636529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-compstak","tag-gfp-real-estate","tag-newmark"],"acf":[],"yoast_head":"\nCompStak Expands Footprint With HQ Lease in NYC - CPE<\/title>\n<meta name=\"description\" content=\"CompStak has signed a 25,644-square-foot, five-year lease at GFP Real Estate\u2019s 675 Ave. of the Americas, in Manhattan\u2019s Chelsea neighborhood.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CompStak Expands Footprint With HQ Lease in NYC\" \/>\n<meta property=\"og:description\" content=\"CompStak has signed a 25,644-square-foot, five-year lease at GFP Real Estate\u2019s 675 Ave. of the Americas, in Manhattan\u2019s Chelsea neighborhood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-22T16:19:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-22T11:05:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/675-Ave.-of-the-Americas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/\",\"name\":\"CompStak Expands Footprint With HQ Lease in NYC - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/675-Ave.-of-the-Americas.jpg\",\"datePublished\":\"2022-12-22T16:19:44+00:00\",\"dateModified\":\"2023-03-22T11:05:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"CompStak has signed a 25,644-square-foot, five-year lease at GFP Real Estate\u2019s 675 Ave. of the Americas, in Manhattan\u2019s Chelsea neighborhood.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/compstak-expands-footprint-with-hq-lease-in-nyc\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/675-Ave.-of-the-Americas.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/675-Ave.-of-the-Americas.jpg\",\"width\":1200,\"height\":900,\"caption\":\"675 Ave. of the Americas. 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