Boxed has signed a long-term, 12,912-square-foot lease at 451 Broadway in Soho. The company, which delivers groceries and household items in bulk at discounted prices, currently occupies approximately 3,000 square feet at 110 Greene Street. Boxed will occupy the entire 2nd floor of 451 Broadway where asking rents were in the $70’s per square foot.
Savills Studley Corporate Managing Director Zev Holzman represented the tenant, Boxed, in the long-term transaction. The landlord, Crale Realty, was represented by Kevin Wang of KRW Realty Advisors.
According to Holzman, the full floor had been under lease by tech company Ideo, which had then subleased the floor to web development company, Square Space. Savills Studley was able to execute a 4 party transaction whereby Ideo and SquareSpace terminated their respective leases and negotiated a strategic long-term direct lease with the landlord, which allowed Boxed to move into the fully built, turn-key space. SquareSpace was represented by Rocco Laginestra, Senior Vice President of CBRE.
“We love being in Soho and are thrilled that we’ll be able to continue to grow our footprint in this exciting, dynamic area of Manhattan,” said DJ Williams, Vice President of Partnerships for Boxed.
“Through creative thinking we were able to create an opportunity for Boxed to expand on a long term basis within a very tight sub-market. The space itself is equally as exciting with a high end installation, large, home-like kitchen and open floor plan – all of which we acquired with minimal capital expense,” said Holzman.
451 Broadway was originally constructed in 1865 with a cast-iron front, and was later modernized in 1920. Each floor offers large windows with views and an abundance of natural light that highlights the creative loft space.
Founded in 2013, Boxed has a mobile app that allows consumers direct-to-their-door access to all of their favorite warehouse club products, without membership fees. Boxed brings convenience and savings to on-the-go consumers who don’t have the time, means or patience to shop at a brick and mortar big box club.
Boxed does all the heavy lifting, delivering a wide array of wholesale items directly to doorsteps across the continental United States in two days or less.