StubHub inks lease at the base of 1412 Broadway

Secondary-market ticket giant moving service center, office a block south

TRD New York /
Jan.January 04, 2016 05:02 PM

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.


Related Articles

arrow_forward_ios
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
2870 Ocean Avenue in Brooklyn (Google Maps)

Chetrit firm pays $119 psf for Sheepshead Bay site

Chetrit firm pays $119 psf for Sheepshead Bay site
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
15 West 47th Street (Google Maps, iStock)

Chetrit’s $115M Diamond District deal fizzles

Chetrit’s $115M Diamond District deal fizzles
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...