The Real Deal New York

Tech firm takes 23K sf at Moinian’s 450 PAS

ShopKeep's sublease term is four to five years
September 20, 2016 07:30AM

450-460 Park Avenue South

450-460 Park Avenue South

Tech company has subleased 23,400 square feet at a Murray Hill office building owned by the Moinian Group.

ShopKeep has inked a short-term lease — for four or five years — at 450-460 Park Avenue South, the Wall Street Journal reported. The company is currently operating out of two buildings at 137 and 143 Varick Street. The company rents roughly 17,000 square feet at those addresses.

The company will be moving into two floors of the 12-story building, though it was not immediately clear which floors. The median office asking rent in Murray Hill is $65 per square foot, according to Agorafy.

Joseph Moinian’s firm bought the building — which has a total of 172,600 square feet — in 1982, records show.

David Hoffman of Cushman & Wakefield represented the tenant. He told the paper there is a limited supply of built-out space in the 20,000-square-feet range that can be taken on a short-term basis. [WSJ]  — Miriam Hall