An email marketing firm has inked a 55,000-square-foot lease for an office overlooking Bryant Park.
Movable Inc., also known as Movable Ink, is taking the entire ninth floor at Equity Office’s 5 Bryant Park, the Wall Street Journal reported. The firm will move out of its headquarters in the Flatiron District and eventually take over the eighth floor in addition to the ninth.
The 34-story tower was built in 1958 and spans roughly 680,000 square feet. Equity, which is owned by the Blackstone Group, bought the building from Brookfield Office Properties in 2011 for $295.4 million, property records show. Late last year, Equity renovated the ninth floor by stripping concrete to expose steel beams and adding inspirational celebrity quotes along the concrete floor, the Commercial Observer reported. The terms of Movable Inc.’s lease were not immediately clear, but asking rents in the building were previously reported to be $69 per square foot.
Though usually a magnet for TAMI tenants, the Flatiron District’s available office space is dwindling, the newspaper reported.
“As quality options have dwindled, those tenants have branched out to other areas of the city,” said Zachary Freeman, Equity Office vice president of leasing. “And when they look at Midtown, they are looking at nontraditional Midtown.” [WSJ] —Kathryn Brenzel
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