The Real Deal New York

Click to expand: YouTube network Fullscreen tripling its NYC office space

Startup co-owned by AT&T relocating to full floor at Columbia Property Trust’s 315 PAS
By Mark Maurer | Twitter_logo_blue copy September 08, 2015 01:00PM

Fullscreen, an aggregator of YouTube channels for brands and advertisers, inked a 10-year lease for a new Flatiron District office space that’s more than triple the size of its current office, The Real Deal has learned.

The Culver City, Calif.-based firm will occupy 17,000 square feet on the full sixth floor of Columbia Property Trust’s 20-story building at 315 Park Avenue South, between East 23rd and 24th streets.

Fullscreen was founded in 2011 and now occupies 5,000 square feet at MJ Orbach Associates’ 27 West 24th Street.

Nicholas Farmakis of Savills-Studley represented the tenant, while L&L Holding’s David Berkey and Andrew Wiener represented the landlord. L&L handles leasing and property management at 315 Park Avenue South.

Asking rent on the sixth floor is $79 per square foot, Wiener told TRD.

Columbia Property Trust bought the 356,000-square-foot Park Avenue South office property for $353.9 million in January from Spear Street Capital. Other tenants include the Boston Consulting Group, database software vendor Oracle and social media consulting firm VaynerMedia.

About a quarter of the building – floors three to five and 18 to 20 – is vacant and available for lease, Berkey said. Credit Suisse, which used to occupy the majority of the property, has sublet all of its floors. That lease expires April 2017.

“Our focus right now is on leasing the lower floors only, as the redevelopment work we are doing across the property – a new lobby, elevators and storefronts — will not be complete until the end of 2016,” Berkey said.

Fullscreen, which is jointly owned by AT&T and the Chernin Group, is the biggest independent YouTube network in terms of unique viewers. There are also offices in California and Atlanta.

About a block south, billion-dollar fantasy sports startup FanDuel recently signed a lease for the top three floors at Rockrose’s 300 Park Avenue South.