The Real Deal: Hulu streams into Flatiron District

By Hiten Samtani on October 08, 2014.

On-demand video streaming service Hulu is taking new digs in the Flatiron District, The Real Deal has learned. Hulu signed a lease for more than 20,000 square feet at 79 Fifth Avenue, a 273,000-square-foot property located between 15th and 16th streets.

Hulu will pay rents starting at around $70 per square foot in the ten-year deal for the entire 15th floor at the building, according to CompStak data.

CBRE’s Jason Frazier represented Hulu, while Lansco’s Sylvia Haddad and Howard Dolch represented the landlord, Kalimian Realty. Haddad declined to comment, while Frazier didn’t respond to requests for comment.

Hulu has about 10,000 square feet at 276 Fifth Avenue, but that lease is set to expire next year. Neighbors at its new digs include Mashable and Mastercard, both at L&L Holding’s 114 Fifth Avenue.

Earlier this year, Hulu, which has six million subscribers, announced that it plans to invest heavily in original programming. That strategy has worked well for its chief rival Netflix, which has nearly 51 million subscribers and a string of hit original shows such as “House of Cards” and “Orange is the New Black” in its kitty.