Slate Property Group moves to New Park Ave. South office in deal brokered by Colliers

New York, NY Colliers (NASDAQ and TSX: CIGI) has secured a 10-year office lease for Slate Property Group, an owner, operator and developer of residential and commercial real estate at 440 Park Ave. South. Colliers executive managing director Robert Gallucci represented Slate and JLL managing director Brett Harvey represented the building’s owner in the transaction.

Slate signed a lease for 11,120 s/f of office space, doubling its footprint in the NoMad District, while also remaining in the same neighborhood the firm has called home for several years. The company has experienced rapid success and outgrew its previous space located on East 29th St. after adding more than 50 employees over the last nine years. The space had an asking rent of about $65 per s/f.

“We’re excited to have found the perfect space for Slate that checks all of their boxes,” said Gallucci. “In addition to remaining in the same area, which was important to both company Partners, the deal allows Slate tremendous flexibility during the lease term, and the landlord agreed to build out the space to the company’s specifications.”

Co-founded in 2012 by its principals Martin Nussbaum and David Schwartz, Slate focuses on assets with opportunities to add significant value through repositioning or development and focused management. Slate’s principals have purchased more than $4 billion in real estate assets totaling over 4,000 units across approximately 50 investments.

“We’re excited to continue to grow in the same neighborhood where it all began for Slate,” Schwartz said. “This has been an incredible year for the firm and we look forward to continued success in our new space.”

The bustling NoMad District is surrounded by shopping and restaurants and blocks from the Empire State Building, Madison Square Park and nearby Herald Square. The property’s location offers access to several public transportation routes, including the 4,5,6 and N, Q, R, W trains.