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TikTok Signs Lease for 232K SF in Durst’s One Five One

| Commercial Real Estate News, Featured, Leasing, Office| Views: 0

Digital conglomerate Byte Dance — the parent company of video-sharing app TikTok — has signed a 10-year lease for 232,000 square feet of office space in One Five One, an office tower formerly known as Four Times Square. One Five One’s current owner is the Durst Organization, and the property is situated at 151 W. 42nd St., a prime location for office space in Manhattan. The lease price was not disclosed.

The lease spans seven floors to be occupied by TikTok, five of which are situated at the top of the tower and were previously leased to Skadden Arps. The other two floors were formerly occupied by Conde Nast. TikTok’s co-tenants will include Analysis Group Inc., an economics consulting firm; and National Cable Communications, an advertising company. Of the property’s total 1.8 million square feet of office space, about 326,000 is reportedly still available.

One Five One at 151 W. 42nd St., New York City, New York

One Five One at 151 W. 42nd St., New York City, New York

A CBRE team made up of Sacha Zarba, Jeffrey Fischer and Alice Fair represented TikTok, while Durst was represented by an in-house team made up of Tom Bow, Rocco Romeo and Tanya Grimaldo.

One Five One first opened in 1999. It recently underwent a $150 million capital improvement program  that included an improved lobby and entrances, new elevators, and energy-efficient technological enhancements that qualified it for a LEED Gold rating. The building also consists of a 45,600-square-foot amenity floor available for tenants, featuring a coffee and wine bar, an artisanal food hall, event space, and boutique meeting venues.

With this lease, TikTok continues its expansion in the Western hemisphere. The app, which has approximately 1.5 billion downloads, currently has about 400 employees in the U.S., most of whom operate in Culver City, Calif.

The Durst Organization previously signed two new leases at 1155 Avenue of the Americas — another Manhattan property — in late March.

Property image courtesy of Yardi Matrix.

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