Real estate tech is expanding in Manhattan.
StreetEasy-Zillow heads to larger digs in FlatironListing website nearly doubling office space in relocation from SohoFebruary 27, 2014 02:49PM By Adam Pincus
From left: Susan Daimler, 130 Fifth Avenue (Photo: PropertyShark), Mark Jaccom, Justin Halpern and Ed WartelsUPDATED, 5:30 p.m., Feb. 27: Less than two years after StreetEasy moved to its current Soho location at 13 Crosby Street, the listings database that was acquired by Zillow six months ago is heading to a larger space.
Zillow, on behalf of StreetEasy, inked a 10-year lease for 13,300 square feet on the ninth floor at 130 Fifth Avenue, a 145,000-square-foot building at the corner of 18th Street, information from the leasing database CompStak reveals. The rent was in the mid-$60s per square foot.
Zillow was represented by Cresa New York’s Mark Jaccom, president and managing principal; Ed Wartels, vice president; and Justin Halpern, vice president.
A Newmark Grubb Knight Frank leasing team including Eric Cagner, a managing director, was marketing the space, data from the listing website 42Floors shows. Calls to NGKF were not returned.
Seth Schochet, a vice president of the landlord Olnick Organization, was the in-house representative.
The move represents a larger financial investment by Zillow in the New York property market. The company is moving from a 7,500-square-foot space at 13 Crosby Street in Soho with rents in the mid-$40s per foot. The new space is almost twice that size at a rent that’s almost 50 percent higher.
The relocation also signals another break from StreetEasy as it was before the acquisition. Since Zillow bought the company for $50 million in August, the seven top executives at the New York company have been replaced or left the firm, most recently co-founder and Chief Technology Office Sebastian Delmont. StreetEasy and Zillow New York are headed by General Manager Susan Daimler.
“We have two incredible teams of people and we’re thrilled to merge them under one roof into a joint StreetEasy-Zillow office,” Daimler said in a statement to TRD.
Zillow isn’t the only new, high-profile tenant at 130 Fifth Avenue. Earlier this month, The Real Deal reported that Louis Vuitton’s parent company LVMH Moët Hennessy signed a deal for 26,600 square feet taking the entire 10th and 11th floors in the 11-story building.
Last year, Zillow management said its approximately 20 employees housed at 315 Madison Avenue would move in with StreetEasy on Crosby Street, but instead they will be consolidating at the Flatiron location.
StreetEasy moved to 13 Crosby in August 2012 after it outgrew its 2,000-square-foot space at 895 Broadway, between Union Square and Madison Square Park.