CB Richard Ellis represented the landlord in the transaction. Ira Rovitz, a senior director with Grubb & Ellis New York, represented the tenant. The asking rent at the six-floor building was $46 per sf.
Rovitz tells GlobeSt.com that this is Dish's first location in New York City. "Dish wanted a building with a Downtown feel with accessibility to transportation," he explains. "This location has that, as it is a boutique building. It is open and loft-like."
Constructed in 1930, 185 Varick St. has been converted from industrial to office use and features a new lobby, a remodeled exterior, a new furnace, elevators, frontage and windows. Pitney Bowes and American Express are other major tenants in the building.
Rovitz tells GlobeSt.com that many landlords were courting the tenant. He explains that the new lobby and elevator system were some of the many perks of this building for the satellite TV provider. "They are getting exclusive use of one set of elevators themselves, in addition to the naming rights of the building." Rovitz says that the naming rights weren't actually part of the original plan. He would not discuss aggregate lease value or disclose raking rents; however he explains that Dish also is getting a roof deck as well as an option to take additional space down the road. Dish Network will lease the entire fifth and sixth floors, and has the option to lease the fourth floor in the building. Dish Network will move in to the building, located between King and Charlton streets in the Hudson Square/TriBeCa submarket, in June.
"This was a unique opportunity in a great neighborhood," says Matthew Bergey, senior associate of CBRE, who represented the landlord with EVP Bruce Surry. "The landlord sees Dish as a financially stable company, which may take considerable additional space at a later date."
Mike Kelly, EVP of Dish, based in Englewood, CO, says that "we needed an executive presence in New York, given how many advertising clients we have here." Kelly explains that this opportunity will enhance the company's brand.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
