Fintech Firm Signs Full-Floor Lease in Manhattan

Real Estate

860 Broadway formerly served as Andy Warhol’s studio. Image courtesy of JLL

Fintech firm Valon Technologies has signed a leasing agreement with owner Gordon Property Group for 13,815 square feet at 860 Broadway in Manhattan, at a price per square foot of $68. The tenant will occupy the entire fourth floor, relocating from a coworking space at 88 University Place. JLL represented the landlord in the transaction, while Cushman & Wakefield negotiated for the tenant .

Completed in 1926, the six-story building spans 75,800 square feet and includes 11,369 square feet of retail space. Having once served as Andy Warhol’s Factory studio, it was fully renovated by the ownership in 2019, which is currently in the process of building out the fifth floor. Tenants at the property include Kaltura, Selldorf Architects and Industrious.

Located in Manhattan’s Midtown South, 860 Broadway is adjacent to Union Square Park and within walking distance of the Union Square transit hub.

JLL Executive Vice President Seth Hecht along with Associate Thomas Swartz represented the landlord in the transaction, while Valon Technologies was represented by Cushman & Wakefield Executive Managing Director Michael Movshovich and Director Troy Elias.

As of October, Manhattan’s average asking rate remained the highest in the U.S., clocking in at $70.71 and registering a 5.4 percent year-over-year drop, according to a recent CommercialEdge report. The vacancy rate in the borough was 17.4 percent, a 2.8 percent increase over 12 months and slightly below the national figure of 17.8 percent, the same source shows.

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