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Midwood Investment & Development has completed a new office lease with venture capital firm TQ Ventures at 96 Spring St. in SoHo. The agreement covers 7,415 square feet and runs for 10 years, giving the firm a long-term base in one of New York City’s established office and retail corridors. The leased premises comprise the entire seventh floor of the building.
The space will function as TQ Ventures’ New York City headquarters, accommodating the firm’s expanding team. In addition to housing its staff, the office is intended to serve as a hub where founders backed by TQ Ventures can work and convene, positioning the floor as both a workplace and a gathering point for the firm’s portfolio companies.
The deal marks a notable step up in footprint for TQ Ventures. According to the parties, the 7,415-square-foot lease translates into a 70% increase in office space for the firm, underscoring its recent growth and the need for additional room to support that expansion. The longer-term commitment also aligns the firm’s operational base with its expectations for continued activity.
Several brokerage teams were involved in structuring the transaction. Gabe Marans and Maxine Rosen of Savills represented TQ Ventures in the lease negotiations, working on behalf of the tenant. On the ownership side, Midwood Investment & Development was represented by Newmark, with Brent Ozarowski and Kevin Sullivan leading the assignment for the landlord.
Midwood highlighted the addition of TQ Ventures to the building’s tenant mix. Ron Bondy, executive vice president of leasing at Midwood Investment & Development, said the company looks forward to the venture capital firm joining the roster at 96 Spring St. and characterized TQ Ventures as a respected player that will complement the existing group of innovative and high-end companies in the property.
The post TQ Ventures Signs 10-Year SoHo Lease for Expanded NYC Headquarters at 96 Spring Street appeared first on CRE Market Beat.
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