Digital news startup snags 42K sf sublease in FiDi
The Messenger rents space from Orchard Technologies at 195 Broadway
The Messenger went live days ago, but it’s already making news in addition to publishing it.
The digital news startup‚ which launched its website Monday, signed a 42,000-square-foot sublease at 195 Broadway in the Financial District, the New York Business Journal reported. The duration of the deal and asking rent were not disclosed.
The Messenger — part of JAF Communications, owned by Jimmy Finkelstein — is subleasing the space from Orchard Technologies. The homebuying startup signed a 10-year, 107,000-square-foot lease two years ago at the building, which L&L Holding Company owns.
A Cushman & Wakefield team including Peter Trivelas and Gary Ceder represented Orchard. Another Cushman & Wakefield team, including Laura Pomerantz and Ethan Silverstein, represented The Messenger.
The Messenger is the latest media venture from Finkelstein, who was previously a part-owner of Hollywood Reporter and The Hill. The publication, which kicked off with an exclusive interview of Donald Trump, will cover politics, business, entertainment and sports.
Prior to launch, the digital startup was seeded with $50 million of investor money. The publication’s goal was to start with 175 journalists across three bureaus, including one in New York City. One investor in the company is Apollo co-founder Josh Harris, according to Axios.
Sublease availability is on the rise across the country as companies’ appetite for office space wanes.
Office vacancies in Manhattan are widespread. A record 94 million square feet was available last month, according to Colliers data. Tenants signed in April for only 1.5 million square feet, well below the monthly average from the three previous years.
The 17.4 percent availability rate matched a record for the borough, last achieved in February 2022.
— Holden Walter-Warner