DraftKings, SeatGeek take total of 50K sf at 400 Lafayette

Alvin Flaster’s Noho office building is now fully occupied
By Mark Maurer | June 25, 2015 05:40PM

Investor Alvin Flaster signed a pair of tech tenants to more than 50,000 square feet of combined office space at 400 Lafayette Street, thus bringing the Noho property to full occupancy, The Real Deal has learned.

Online ticket-sales startup SeatGeek inked a seven-year lease for the entire fourth floor, about 27,000 square feet. Online fantasy sports platform DraftKings signed for five years on the fifth floor, which spans 23,500 square feet. DraftKings and SeatGeek are expected to move in by July and September, respectively, said ABS Partners Real Estate’ Jay Caseley, who represented the landlord in both deals along with Joseph LaRosa and Charles Conwell.

A Newmark Grubb Knight Frank team of Greg Wang, Joe Perlson and Eric Cagner represented DraftKings, while Office Lease Center’s Jack Petrie and Eva Shih represented SeatGeek.

Asking rent is in the high-$60s per square foot for both deals, Caseley said.

The Flaster family has owned and occupied the five-story, 93,000-square-foot building since 1979. Their textile business, Summers & Oppenheim, now occupies part of the ground floor.

The owner is in the process of adding an elevator and renovating the lobby. Other tenants include Sony’s Digital Audio Disc Corporation (DADC) division and Limited Design Studio.

SeatGeek is currently based at 235 Park Avenue South in Gramercy, while DraftKings is headquartered in Boston. Disney’s plans to invest $250 million in DraftKings were recently scrapped, Recode reported.