Key points:
- Fintech firm Valon Technologies has signed a full-floor leasing agreement for 13,815 square feet at 860 Broadway in Manhattan, for $68 per square foot.
- The property, once home to Andy Warhol’s Factory studio, has been fully renovated and includes 11,369 square feet of retail space.
- Other tenants include Kaltura, Selldorf Architects, and Industrious.
Valon Technologies, a fintech firm, has secured a lease with property owner Gordon Property Group for the entire fourth floor of 860 Broadway in Manhattan. The deal, which encompasses a space of nearly 14,000 square feet, was negotiated for a rate of $68 per square foot. Valon will be relocating from a coworking space at 88 University Place.
Built in 1926, this six-story building spans 75,800 square feet and boasts 11,369 square feet of retail space. It has a remarkable history as it once served as the Factory studio for iconic artist, Andy Warhol. The building underwent a full renovation in 2019 and renovations continue to unfold as the fifth floor is currently being developed. Other tenants in the building include Kaltura, Selldorf Architects, and Industrious.
Located in Midtown South, the building is conveniently adjacent to Union Square Park and the Union Square transit hub, offering excellent connectivity. The leasing transaction was represented by JLL on behalf of the landlord, whereas Cushman and Wakefield represented Valon Technologies.
Manhattan’s commercial real estate market commands the highest average asking rate in the U.S., recorded at $70.71 per square foot. However, this figure represents a 5.4 percent year-over-year drop. The borough’s vacancy rate has increased 2.8 percent over 12 months, currently standing at 17.4 percent.
