The hottest new location-based social network Foursquare will be moving to the entire sixth floor at 36 Cooper Square in Manhattan’s East Village this July, having signed a lease for 7,675 square feet.
Foursquare’s explosive growth has led them to outgrow the space they share with real estate blog Curbed, on the fifth floor of the same building.
International commercial real estate services firm Studley’s Managing Director Jason Schwartzenberg, together with Executive Managing Director Marc Shapses, represented Foursquare in the transaction.
”In early 2009, when Foursquare was just a start-up, Curbed, which was already sharing office space with Hard Candy Shell, offered to share space with the fledgling social networking company as well,” said Mr. Schwartzenberg. “But Foursquare has now actually outgrown Curbed’s space, and in an interesting twist but one that works for everyone, Foursquare has invited Curbed with Hard Candy Shell to share its new premises on the sixth floor.“
As part of the transaction, Studley negotiated for Curbed to be excused from its sublease obligation on the fifth floor.
“It’s a win-win for these two web-based companies,” added Mr. Schwartzenberg, “which have each resolved their particular real estate requirements with the most efficient and economically viable real estate strategies.”
Earlier this year, Mr. Schwartzenberg negotiated a transaction for another start-up, Intent Media, launched by former executives of Travelocity whom he represented in a 6,839-square-foot lease at 180 Varick Street.
Daniel Creighton of Tarter Stats O’Toole represented the landlord, Hartz Mountain in the transaction. Asking rent at the building is $35 per square foot.
Attorneys were Linda M. Herlihy, Esq of Riker Danzig Scherer Hyland & Perretti, LLP who represented Foursquare and Glenn Frankel, Esq. who acted in-house on behalf of Hartz Mountain.