FinTech Firm Adds 175K sf to Flatiron District Office
A financial technology firm has ramped up its presence at a Flatiron District office building — again.
Ramp signed an expansion for 175,000 square feet of additional space at Williams Equities’ 28-40 West 23rd Street, the Commercial Observer reported. The length and asking rent of the expansion were not disclosed; the average asking rent for Class B office space in Midtown South was $80.85 per square foot in the third quarter, according to Colliers.
It’s the second time this year that Ramp grew at the building, and the third overall. Back in March, the company added 153,000 square feet to its footprint at the property. Ramp initially took 66,000 square feet from Microsoft in a 2023 sublease agreement before converting to a direct deal and doubling its space.
With the latest addition, Ramp’s total at the property is 460,000 square feet, a vast majority of the 575,000-square-foot complex.
CBRE’s Ryan Alexander, Jared Isaacson and Jeff Frenkel represented Ramp in the expansion, while Williams Equities principals Michael T. Cohen and Andrew Roos — who also work for Colliers — were among those representing the landlord.
Other office tenants at the fully occupied property include software company Legora and Estee Lauder brand Aramis. Home Depot occupies 120,000 square feet of retail space.
In the spring of 2024, Williams Equities received a five-year, $155 million loan from Citi Real Estate Funding for the two interconnected cast-iron buildings, replacing a $140 million CMBS loan. The landlord made several upgrades to the 12-story, Class B property, adding a roof deck and triplex penthouse office suite.
About two years ago, Williams Equities bought the 300,000-square-foot property at 470 Park Avenue South for $147.5 million, 40 percent less than its last sale price. The deal broke down to $492 per square foot.
Artificial intelligence firms alone leased a record 1.06 million square feet in Manhattan during the third quarter, according to Colliers. Almost all of it — 960,000 square feet — was concentrated in Midtown South.
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