The Real Deal New York

New Soho location clicks for computer mouse inventor IDEO

July 23, 2013 05:30PM

IDEO, the innovation and design consultancy firm that invented the computer mouse in the 1980s, is moving several blocks south of its current Soho location to 408 Broadway, Crain’s reported.

Asking rents for the top two floors of the five-story loft building, with large floor plates of more than 14,000 square feet, were $48 per square foot, Crain’s said. IDEO signed a 12-year lease.

United American Land, which bought the 1915 building two years ago for $28 million in a sale-in-lieu-of-foreclosure, worked with Newmark Grubb Knight Frank’s Justin DiMare.

The firm also recently picked up another multi-family building at 118-120 Duane Street in Tribeca for $11 million.

Spin Media occupied the fourth floor from 2008 until last year, but terminated the lease at 408 Broadway. Michael Higgins and Mitti Liberson of Jones Lang Lasalle, brokers for IDEO, told Crain’s that their client had outgrown its space at 451 Broadway and were looking for an affordable upgrade in the neighborhood. [Crain’s]Julie Strickland