The Real Deal New York

StubHub inks lease at the base of 1412 Broadway

Secondary-market ticket giant moving service center, office a block south
By Mark Maurer | Twitter_logo_blue copy January 04, 2016 05:02PM

Online ticket marketplace StubHub is moving its sole Manhattan service center and office a block south, to Isaac Chetrit and Charles Aini’s 1412 Broadway in Midtown.

StubHub inked a long-term lease last month for more than 10 years at the base of a 24-story, 415,000-square-foot building near West 39th Street, sources said. The corner space totals nearly 6,400 square feet, including 1,785 square feet on the ground floor and 4,600 square feet on the lower level.

The new “last minute service center” allows fans to buy, sell or pick up tickets acquired through the website before an event.

The San Francisco-based company plans to relocate in the next four to five months to the new digs, formerly occupied by Sterling National Bank. It has already vacated a roughly 1,200-square-foot space at the base of New York REIT’s 1440 Broadway, near West 40th Street.

CBRE’s Michael Kadosh, Jesse Wolff and Jeff Black represented StubHub in the deal, while the landlords did not have a broker.

Kadosh declined to comment on retail rents at the building, but sources said StubHub’s rent is about $325 per square foot. Asking rents in The Surrounding Broadway corridor range from $250 to $400 a foot.

In 2014, investors Chetrit and Aini bought the building from Jordan Slone’s Harbor Group International for $250 million. Office tenants include apparel manufacturers One Step Up and Kasper, which each occupy roughly 50,000 square feet, according to CoStar data. The property is almost fully occupied.

Chetrit, who is not affiliated with Joseph Chetrit’s Chetrit Group, has been especially active in Midtown’s Garment District. He and partner Ray Yadidi are in contract to buy 235,000 square feet of air rights at Himmel + Meringoff Properties’ 1352 Broadway as part of a larger assemblage play.

StubHub was founded in 2000 and acquired by eBay in 2007. The company’s 89,000-square-foot headquarters in San Francisco holds about 400 employees. Its other service centers are in Los Angeles, Las Vegas and Houston.