Two Trees Management signs 30,000 square foot lease with logistics technology company Flexport in the Flatiron District
Flexport was founded in San Francisco and initially opened an office in New York in 2016. The company is committed to maintaining a presence in the cities where it operates despite the pandemic, according to Bill Hansen, global real estate manager for Flexport . Its other offices include Chicago, Los Angeles, Atlanta and Seattle, and it also has outposts in Europe and Asia.
Two Trees purchased 50 W. 23rd St. in 2010 for approximately $ 130 million, according to property records. The real estate company is headquartered in Dumbo and most of its portfolio is concentrated in Brooklyn, with the exception of its West 23rd Street building and Mercedes House, a luxury rental property located at 550 W. 54th St. in Hell’s. Kitchen.
Manhattan’s office market has been struggling since the start of the pandemic and hit another record 17.1% availability rate in May, according to a report from Colliers International. Midtown South saw around 468,000 square feet of office leases this month – more activity than in April and May 2020 – but its uptime rate still rose to a record high of 16.1 %, compared to 15.7% month over month and 8.3% year over year.
The neighborhood’s average asking rent was $ 72.80 per square foot, up from $ 77.53 in May 2020. Notable leases last month included software company Infor renewing 90,000 square feet at 635-641 Avenue of the Americas and Anthem taking 73,000 square feet at Penn 1, the report says.