Fintech agency DailyPay inked a 137,000-square-foot sublease at 55 Water Avenue, tripling its workplace area within the Monetary District.
The payroll providers startup will take up practically two-thirds of the area presently leased by S&P International on a 12-year time period on the 53-story Monetary District tower. DailyPay’s present headquarters are only a few blocks away at Rudin Administration’s 55 Broad Avenue, the place it occupies about 42,500 sq. ft. The agency plans to maneuver its headquarters by a number of blocks to 55 Water Avenue, owned by the Retirement System of Alabama, in early 2022.
The foremost sublease deal is a constructive sign for Manhattan’s workplace market, which has been struggling by way of a pandemic-driven downturn. Web sublet availability fell by 670,000 sq. ft in August, in accordance with Colliers Worldwide, the most important month-to-month lower in six years. The borough’s workplace emptiness charge has been at or close to record-highs for months, and common asking lease in August was at its lowest stage since 2017, in accordance with Colliers.
DailyPay, which employs greater than 300 folks, has been permitting its vaccinated staff to make use of its workplace at 55 Broad Avenue on a voluntary foundation. The corporate will proceed to judge its return-to-office plans, with an eye fixed towards each security and worker suggestions, an organization spokesperson stated.
Lee stated the brand new lease represents the agency’s dedication to Downtown Manhattan, “recognizing it as a fantastic place to draw expertise.”
Wharton Property Advisors CEO Ruth Colp-Haber represented DailyPay within the transaction.