Netflix inks short-term lease at Durst’s 1155 Sixth Ave

The developer’s “Durst Ready” arm inked 3 new deals as part of its flex-office program

New York /
Mar.March 10, 2020 05:30 PM
From left: 1155 Sixth Avenue; One World Trade, Douglas Durst and 733 Third Avenue (Credit: Tdorante10 via Wikipedia Commons, Durst Organization, Getty Images)

From left: 1155 Sixth Avenue; One World Trade, Douglas Durst and 733 Third Avenue (Credit: Tdorante10 via Wikipedia Commons, Durst Organization, Getty Images)

Netflix just inked a seven-month lease at Durst Organization’s 1155 Sixth Avenue, marking one of the first deals signed as part of the developer’s new flexible office space arm.

The streaming service is taking the entire 27th floor, which spans 16,563 square feet, at the Midtown tower, Durst representatives told The Real Deal Tuesday. The deal was one of three signed as part of “Durst Ready,” a flexible office space leasing division that Durst launched in September. The asking rent for the space was $115 per square foot.

As part of the new venture, Durst offered spaces ranging from 2,500 to 25,000 square feet. The spaces, located in 675 Third Avenue, 1 World Trade Center, 114 West 47th Street, 1155 Sixth Avenue and 733 Third Avenue, are marketed as move-in ready, meaning that they are pre-furnished and wired. Lease terms through Durst Ready range from six months to 15 years. The company still has 83,510 square feet of flexible office space available.

Carta, an equity management startup, signed a five-month lease for 13,287 square feet on the 48th floor of 1 World Trade Center, according to Durst. The asking price was $88 per square foot. The company, reportedly valued at $1.7 billion, is moving from its offices at 515 Greenwich Street. Christian Brothers Investment Services, a global investment firm that works with Catholic institutions, agreed to take 2,542 square feet on the 20th floor of 733 Third Avenue for the next seven years. CBIS is moving from its offices three blocks away at 777 Third Avenue. The asking rent was $87 per square foot.

Last year, state officials announced that Netflix would take up to 100,000 square feet at Normandy Real Estate Partners’ 888 Broadway in the Flatiron District and another 161,000 square feet at 333 Johnson Avenue in Bushwick to build six sound stages and support spaces. As part of the deals, Empire State Development offered Netflix up to $4 million in performance-based Excelsior Tax Credits over 10 years. To receive the full incentive package, Netflix has to create 127 jobs by 2024 at its new office and retain the new and existing jobs over five years. Representatives for the streaming service did not return requests seeking additional information.

Cushman & Wakefield’s Andrew Ross, Barry Garfinkle and Gary Greenspan represented CBIS, and JLL’s Justin Haber, Kyle Riker and Steven Rotter represented Carta. Durst’s Ashley Mays handled the CBIS and Netflix deals, while Eric Engelhardt and Karen Kuznick worked on the Carta lease. Netflix did not have a broker on its lease agreement.


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