The Real Deal New York

SoundCloud takes 44K sf in Two Trees’ 50 West 23rd Street

Flatiron District property is the developer’s only Manhattan office building

June 29, 2015 12:00PM

50 West 23rd Street in Flatiron (inset: Jed Walentas, principal of Two Trees Management)

50 West 23rd Street in the Flatiron District (inset: Two Trees’ Jed Walentas)

Music-sharing service SoundCloud signed on to take 43,700 square feet in Two Trees Management’s office building at 50 West 23rd Street in the Flatiron District. 

The five-year lease is for the building’s ninth and 10th floors. The Berlin-based company will move its New York office from 111 Fifth Avenue, according to the Wall Street Journal.

Two Trees is currently making $25 million worth of upgrades to the building, including creating a roof deck, renovating the lobby and installing new heating and cooling systems.

Asking rents in the area have been about $70 per square foot.

The developer purchased 50 West 23rd Street in 2010 for $129.5 million, and the building remains its only Manhattan office property. It is currently at work on redeveloping the former site of the Domino factory in Williamsburg into a mixed-use project containing 2,300 residential units. [WSJ] — Tess Hofmann