The Real Deal New York

Paperless Post expanding at Capital Properties’ Trinity Centre

Online greeting card company will now occupy 36K sf in 115 Broadway
April 21, 2015 01:05PM

Paperless Post, an online greeting card company, is increasing its space in Capital Properties’ Trinity Centre at 115 Broadway to 36,000 square feet.

Paperless signed a 10-year lease for the entire 19th floor and also extended its existing lease for part of the 18th floor, the New York Observer reported. When its current lease started in September 2013, asking rents were in the high $30s per square foot.

In 2013, the company moved from 151 West 25th Street to its current location in Lower Manhattan — where it initially occupied 15,000 square feet — using a $250,000 relocation bonus from the Lower Manhattan Development Corporation. According to a spokesperson for Paperless, it did not receive any further subsidies for the new lease.

The landmarked office towers at 115 Broadway and 111 Broadway are collectively known as Trinity Centre.

CBRE’s Adam Foster, Brad Gerla, Peter Turchin and Sam Spillane handle leasing for the building. Steven Marvin of Olmstead Properties represented Paperless Post.

In September, advertising agency Gyro signed a lease for 22,000 square feet in the building. [NYO] — Tess Hofmann