Fullscreen Signs Full-Floor Lease at 315 Park Ave. South
The digital media company’s doubling of space brings Columbia Property Trust’s building to 95% leased.
NEW YORK CITY—Fullscreen Media, which had occupied 17,000 square feet, the entire sixth floor at 315 Park Ave. South, has expanded adding the full fifth floor, doubling its lease to 34,000 feet. The digital media and app company, which produces and distributes content, signed a deal with Columbia Property Trust to lease the space on both floors through 2029.
This transaction brings the asset to 95% leased, with only one full floor left to lease. The price tag of the Fullscreen deal was not disclosed. However, an industry source tells Globest.com that the asking rent on the last available floor is $97 per square foot.
Columbia has signed more than 265,000 square feet of leases at 315 Park Ave. South since acquiring it and announcing a building upgrade plan. Earlier this year, the owner completed interior renovations, opening its new lobby off 24th street.
Columbia’s head of leasing David Dowdney described Fullscreen as another innovative TAMI (technology, advertising, media and information) company committed to the building. “We’ve cultivated a diverse mix of forward-thinking tenants at 315 as a result of our success in repositioning the property” says Dowdney.
L&L Holding Company’s David Berkey and Andrew Wiener worked with Columbia to lease the property, which also houses the REIT’s New York executive offices.
Weiner points out the building continues to attract creative and media companies looking for renovated and modernized property in Midtown South.
Other new tenants that have leased entire floors in the building include the fitness gym Equinox, global investment management firm Winton Capital, digital media publisher BDG Media, research firm PitchBook Data, and digital asset exchange and custodian Gemini Trust.
Columbia bought the 21-story, 333,000 square-foot property from Spear Street Capital in January 2015 for $368 million. The Midtown South building, which stands between E. 23rd and E. 24th streets, was constructed in 1910. These dimensions and building history were recorded in Real Capital Analytics.