JLL maintains full occupancy at boutique office building with new lease and renewal

Manhattan, NY JLL has leased 16,850 s/f of office space in two separate transactions at 10 Crosby St., a five-story, 35,000 s/f boutique office building located in the Soho neighborhood.

CTV advertising platform Sabio will relocate from 43 Crosby St. to occupy the entire 8,425 s/f second floor of the property. The fully renovated space enjoys an abundance of natural light from three sides and features a new pantry and flooring, 15-foot ceilings and two entrances on Broadway and Crosby Street. The tenant was represented by Jared Sternberg and Elliot Warren from the Kaufman Organization.

In the second transaction, private equity firm MiddleGround Capital signed a four-year renewal for its 8,425 s/f office across the entire 4th floor of the building. The tenant was represented by Neil King and Conor Kenny from CBRE.

Located between Grand and Howard streets in SoHo, 10 Crosby has maintained full occupancy since being repositioned by owner Madison Capital with a modernized lobby, upgraded building systems, new wireless entry systems, tenant-controlled HVAC and a new passenger elevator. The tenant roster includes handbag and accessories brand MZ Wallace and vegan and organic meal delivery firm Sakara Life, Inc.

Eric Contos, senior vice president at Madison Capital, said, “We’re thrilled that MiddleGround will continue its tenancy in the building as we welcome Sabio to 10 Crosby St. to complement our diversified tenant base. JLL’s command of the Soho office market has kept the building full, and we value our long-standing partnership with the team.”

JLL vice chairman Mitchell Konsker, executive managing director Dan Turkewitz and associate Nicole Danyi serve as the building’s exclusive agents.

Said Turkewitz, “The continued leasing momentum at 10 Crosby is testament to ownership’s effort to position the building to accommodate demand for superior boutique office space. The property offers highly attractive options at a time when tenants are seeking top space to support their growth strategies.”

According to JLL Research, Soho asking rents continue to trend up as leasing has increased across the neighborhood, driven by financial services tenants. After dropping to $84 per s/f at the height of the pandemic, average Soho asking rents rose to $98 per square foot in Q4 2024.

10 Crosby is located on a cobblestone street steps from multiple bus lines and the Canal Street subway station’s N, Q, R and W lines. The neighborhood is proximate to residential pockets of Soho, Tribeca, Greenwich Village and Gramercy, offering the potential for a walkable commute through fashionable streets with an eclectic mix of boutiques, cafés, restaurants and nightlife.