The Real Deal New York

Hometeam subleases Flatiron space from SoundCloud

Senior services firm will take 22K sf at Two Trees' building
November 25, 2015 10:33AM

Hometeam, a provider of caregivers and nurses for senior citizens, is quadrupling the size of its offices, signing a one-year sublease for a 22,000-square-foot space in the Flatiron District from online audio platform SoundCloud.

Asking rent for the space, at Two Trees Management’s 50 West 23rd Street, was $60 per square foot, compared to SoundCloud’s $72 per square foot lease.

Savills Studley’s Michael Mathias represented Hometeam in the transaction. Colliers International’s Eric Ferriello represented SoundCloud.

Hometeam will move from its current 5,000-square-foot office at 525 Broadway in Soho, the New York Observer reported.

Two Trees bought the 13-story, 340,000-square-foot property, known as the Jewelcor Building, in 2010, paying $129.5 million. It’s in the process of making about $25 million in upgrades to the structure, creating a roof deck, fixing up the lobby and replacing building systems.

SoundCloud signed its five-year, 43,700-square-foot lease there in June of this year. [NYO]Ariel Stulberg