Data Science Firm Relocates to Lower Manhattan
Data science and AI-powered solutions firm Ekimetrics has relocated its only U.S. location to 120 Broadway in Lower Manhattan. The company, which committed to 24,367 square feet for 10 years, will occupy part of the 29th floor at Silverstein Properties’ 1.9 million-square-foot skyscraper.
Silverstein Properties Vice President Harlan Strader and Newmark Executive Managing Director Erik Harris represented the ownership, while Colliers Vice Chair Eric Ferriello worked on behalf of the tenant.
Ekimetrics will move from 155 W. 23rd St., a 12-story building in Chelsea owned by MC Real Estate Partners. At the new location, the firm will join a roster that includes Golden Goose, Old Mission Capital and Tower Research Capital, which recently signed a 121,903-square-foot lease at the building.
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Silverstein Properties acquired the 40-story asset in December 1981 for $60 million from The Equitable Life Assurance Society of the United States, CommercialEdge information shows. In 2020, the property became subject to two loans totaling $510 million, originated by Wells Fargo Bank.
An up-to-date Manhattan office
Also known as the Equitable Building, the high-rise came online in 1915 as the world’s tallest office building and went through renovations in 1990 and 2019, according to the same source.
The latest upgrade involved a $50 million capex program that included entrance renovations, new reception desk and rooftop space, Curbed New York reported. Beyer Blinder Belle took care of the restoration and modernization.
Other upgrades consist of The Bankers Club, a tenant-exclusive penthouse with terraces, a lounge, food hall and café, along with the redevelopment of the 10th story into a full-floor amenity center that features a yoga room, conference facilities, a 1980s arcade room and a speakeasy. The high-rise also has 30,000 square feet of retail space.
The LEED Gold-certified skyscraper is in Lower Manhattan’s Financial District and spans a full city block. The building is within walking distance of 80 Pine St., a 1.2 million-square-foot property where Vibrant Emotional Health relocated last year.
Manhattan’s office sector remains steady
As of February, Manhattan saw a 460-basis-point drop in asking rates on a year-over-year basis, but still led the nation in terms of prices, averaging at $71.5 per square foot, the latest CommercialEdge office report shows. The borough’s vacancy rate during the same month clocked in at 16.8 percent, 110 basis points lower than the national average.
Earlier this month, Citizens Bank committed to 74,000 square feet at 1301 Avenue of the Americas, Paramount Group’s 1.7 million-square-foot building. Dating back to 1965, the high-rise was renovated in 1989.
In February, law firm Kilpatrick Townsend & Stockton LLP signed a 27,667-square-foot lease at 3 Times Square, a 950,000-square-foot skyscraper owned by Rudin. The company is expected to move in the third quarter of this year.
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