GlobeSt.com EXCLUSIVE: Art-Related Firms Expand

NEW YORK CITY-Artnet.com inked a 10,000-sf lease renewal and expansion at 61 Broadway. It’s part of a growing trend where art-related companies are taking up more space in various Manhattan neighborhoods.

“Art is white hot,” Brewster William Fine, president of Artnet.com, tells GlobeSt.com. “Prices are sky high. The equity market is flat lined. Many people are starting to look at art as an alternative asset class.” Over the past few months, Fernwood Art Investments LLC committed to 3,800 sf at 595 Madison Ave. at 57th Street, relocating from 245 Park Ave. And Bonni Benrubi Gallery leased 3,147 sf also at 595 Madison Ave., expanding and moving from its original location at 52 East 76th St.

“Artnet.com wanted to stay in its current location, but need to expand its existing offices to handle the demands of its growing business,” notes Daniel M. Blanco, executive vice president and director of leasing for owner Broad Street Development. “We were able to accommodate the firm’s needs by providing contiguous space and rapid renovations, while maintaining an active business environment.” The owner’s team of engineers, architects and construction managers build out the expansion space while still enabling the organization to maintain its day-to-day business in its existing offices. Steve Berliner of CB Richard Ellis negotiated for Artnet.com.