Sports entrepreneur Michael Rubin is clearly a fan of Manhattan, as evidenced by his company’s latest deal with a joint venture of Hines, Trinity Church Wall Street and Norges Bank Investment Management.
Rubin’s digital sports platform, Fanatics, signed a lease for 54,000 square feet at the group’s 345 Hudson Street in Hudson Square, the Commercial Observer reported. The length and asking rent for the space were not disclosed.
The lease was first reported by the New York Business Journal.
The Florida-based company signed a deal for 75,000 square feet at Meadow Partners’ 95 Morton Street in the West Village three years ago. The company plans to hang on to that space in addition to its 345 Hudson deal. Fanatics also has offices in San Mateo, Tampa, the United Kingdom, India and Japan.
“Fanatics is thrilled to expand our growing presence in New York City with a new office space at 345 Hudson St., which complements our global headquarters a few blocks away,” a spokesperson for the company told NYBJ.
The 17-story, 980,000-square-foot property at 345 Hudson is going through a transitional moment. While boasting prominent tenants such as Rent the Runway and 1010 Wins, Google is in the process of trying to sublease 165,000 square feet as it consolidates around St. John’s Terminal.
More than 400,000 square feet was available at 345 Hudson Street prior to the Fanatics deal, according to CBRE marketing materials. The average asking rent in Hudson Square and the Meatpacking District in the first quarter was $86.70 per square foot, according to Newmark.
In April, tenants signed deals for 3.38 million square feet in Manhattan, a 23 percent increase year over year, according to a monthly Colliers report. Leasing volume declined from the previous month, but the borough’s availability rate dropped to 15.7 percent, the lowest since February 2021.
— Holden Walter-Warner
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