Advertiser marketplace Index Exchange is reportedly subleasing 43,000 square feet from mattress retailer Casper Sleep in Silverstein Properties’ 3 World Trade Center.
The company plans to move into the space immediately, marking a big expansion for Index Exchange from its 11,000-square-foot office at ABS Partners’ 20 West 22nd Street, according to Crain’s. The outlet reported the lease at 3 World Trade will run through December 2034.
After housing its headquarters at the Flatiron building for six years, Index Exchange began hunting for a sublease at the beginning of 2020 — only to be beset by the pandemic, Crain’s reported. When it was ready to commit to moving, it resumed negotiations with Silverstein.
Avison Young’s Brooks Hauf and Peter Johnson were among those to represent the subtenant in lease negotiations.
Casper decided to lay its head down at 3 World Trade Center at the beginning of 2019, signing a lease for 70,000 square feet. The lease runs for 15 years and the sublease comes as the company plots its path forward, including plans to be acquired by Durational Capital Management and taken private next year.
Index Exchange’s sublease isn’t a first for 3 World Trade. Last year, Uber began looking for a subtenant to take approximately 25 percent of its space at the building. The ride-hailing company is locked into a 308,000-square-foot lease, but was marketing 80,000 square feet to a subtenant.
Overall, sublet space is on the decline in the Manhattan office market. Available sublet space reached 18.6 million square feet at the end of 2020, a 47 percent year-over-year increase. Supply by the third quarter was down to only 1.2 million square feet, though, Crain’s reported.
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[Crain’s] — Holden Walter-Warner