The biggest new tenant in New York City is… TikTok

Deal is first big Manhattan office lease of the pandemic

New York /
May.May 28, 2020 02:18 PM
Douglas Durst, One Five One, and Tik Tok CEO Kevin Mayer (Getty, Google Maps, iStock)

Douglas Durst, One Five One, and Tik Tok CEO Kevin Mayer (Getty, Google Maps, iStock)

TikTok is coming to Times Square.

The parent company for the video-sharing app has inked a lease with the Durst Organization for 232,000 square feet at One Five One, formerly known as Four Times Square, according to the Commercial Observer. It is the first six-digit office lease in Manhattan since the onset of the pandemic.

Lenders still need to sign off on the deal to complete it, which should happen in a few weeks. The company will take seven floors at the 48-story building — five at the top and two at the base — leaving the property with about 326,000 vacant square feet.

The asking rents were unavailable, although law firm Skadden Arps, which previously leased the top five floors, paid between $105 to $135 per square foot.

TikTok, whose parent company is Chinese internet firm ByteDance, has about 400 employees in the U.S. Most are based in Culver City, Calif.

Its massive Manhattan office lease comes in the wake of tech giants including Facebook and Twitter announcing that at least some of their employees can continue working from home indefinitely. The deal could ease concerns that tech companies will not lease nearly as much office space as they did before the pandemic. [CO] — Eddie Small


Related Articles

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Robert Durst (Getty)
Robert Durst convicted of murder
Robert Durst convicted of murder
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
Deconstruct Podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Measurabl CEO Matt Ellis
Real estate sustainability platform Measurabl raises $50M in Series C round
Real estate sustainability platform Measurabl raises $50M in Series C round
arrow_forward_ios

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

Loading...