NEW YORK CITY—Online video technology company Dailymotion has signed a 3.5 year sublease for 21,657 square feet in a Flatiron building at 50 W. 23rd St. The space was previously occupied by the audio distribution company SoundCloud. Dailymotion moved its US headquarters from 156 Fifth Ave. to occupy the entire 10th floor in its new location.
Owned by Vivendi and with offices around the world, Dailymotion recently relaunched a user platform. It is available on desktop, mobile, and devices for film and television content delivered over the Internet. Dailymotion's content syndication and video player technology partners include the BBC, VICE, Genius, Condé Nast Entertainment, Stadium Sports and Universal Music Group.
Cushman & Wakefield's Douglas Regal and Evan Algier represented Dailymotion. Two Trees Management is the property owner and landlord and SoundCloud was the space's lease assignor.
“50 West 23rd St. is a newly renovated office building that has become a hub for the tech and digital media community in New York City,” says Regal. “This transaction unified Dailymotion's US headquarters as it allowed all employees to consolidate on one floor. Prior to this sublease, the employees worked from two, unconnected floors.”
Developing the property was Two Trees' first commercial office project. The real estate firm bought the 340,000 square-foot, 13-story pre-war building in 2010 for $129.5 million. It subsequently invested $25 million in upgrades including an 11,000 square-foot rooftop garden. Other tenants in the building include Foursquare, Skip Hop, The Skimm, Grovo and Dropbox. SoundCloud had signed a five-year lease in 2015. Crain's had reported asking rents in the building at the time were $72 per square foot.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
