Trustpilot takes 34k sf at Two Trees’ Midtown South building

Consumer review site signed 7-year lease at 50 West 23rd Street

New York /
May.May 26, 2022 03:00 PM
Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)

Two Trees Management’s Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)

UPDATED, May 27, 2022, 3 p.m.: A consumer review site is trusting Two Trees Management will pilot it in the right direction.

Denmark-based Trustpilot is taking 34,000 square feet at the 13-story 50 West 23rd Street, the Commercial Observer reported. The asking rent for the seven-year lease was not provided.

The 10th-floor office was previously split between video platform Dailymotion and baby retailer Skip Hop, both of which skipped away after the recent expirations of their respective leases.

Trustpilot, relocating from 5 Pennsylvania Plaza, will be combining the two spaces into one. The review site will move in after the space is built out over the next three months.

Two Trees was represented in-house by Alyssa Zahler and Elizabeth Bueno. Sebastian Infante and Jamie Katcher, then of Cushman & Wakefield, represented Trustpilot.

In addition to Trustpilot’s sizable lease, Two Trees also secured a much smaller lease from pre-owned furniture seller Kaiyo, which is moving into 7,700 square feet on the top floor. The lease is significant because it brings the 341,000-square-foot building to fully leased status. Other tenants at the building include Foursquare, Even Financial and The Skimm.

Two Trees purchased the building in 2010 for $129.5 million. It quickly went about making $25 million in renovations, including upgrades to the lobby, a new heating and ventilation system and an 11,000-square-foot roof deck.

The firm’s big project at the moment is the River Ring development in Williamsburg. Last year, the developer struck a deal that ensured approval of the 1,050-unit development on the waterfront. Two Trees managed to steer the project through the city’s land use review process in a speedy four months.

Midtown South is one of Manhattan’s more promising office leasing districts these days. Asking rents in the area south of Bryant Park and stretching west to Hudson Yards and down to Canal Street surpassed asking rents in Midtown for the first time this spring, according to Colliers data.

At the end of April, Midtown South boasted a 2.5 percent premium in asking rents over its uptown counterpart.

This article has been updated with current information on the tenants of 50 West 23rd Street.

[CO] — Holden Walter-Warner





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