Data Firm Leases 43 KSF in Midtown Manhattan

April 1, 2025

Office Brokerage New York News More Northeast

The company will relocate its headquarters to the former Textile Building.

A picture of the interior lobby area at 295 Fifth Avenue. The picture shows multiple lounge areas, surrounded by plants. — Also known as the Textile Building, 295 Fifth Ave. underwent a complete renovation in 2022, including a lobby upgrade and the addition of multiple amenities such as outdoor terraces and flexible working areas. *Image courtesy of Tribeca Investment Group*

Octus has signed a 43,000-square-foot lease at 295 Fifth Ave., a 710,000-square-foot office building in Midtown Manhattan. Colliers represented the tenant, while CBRE worked on behalf of the ownership, a joint venture of Tribeca Investment Group, PGIM Real Estate and Meadow Partners.

The credit intelligence and data firm will relocate its headquarters to the entire sixth floor of the 19-story building from its current space at 11 E. 26th St., according to Commercial Observer. Other tenants include Quinn Emanuel Urquhart & Sullivan and Bridgewater Associates.

Located in the NoMad neighborhood of Midtown South, the mid-rise is close to Penn Station, Grand Central and Madison Square Park. The property is also within walking distance of the Empire State Building.

The current ownership acquired the asset in October 2019 for $375 million from Manhattan Properties, CommercialEdge information shows.

Completed in 1920, the mid-rise, also known as the Textile Building, was previously home to New York City textile tenants. The property underwent a $350 million redevelopment in 2022 and saw the addition of a two-story, 34,000-square-foot penthouse, allowing the creation of three floors and outdoor terraces.

Studios Architecture and Studio MAI worked on the redesign. The renovated building features an upgraded lobby with a cafe and library, a courtyard with outdoor workspaces, multiple terraces and flexible interior work areas, as well as a soon-to-open conference room. Floorplates range between 16,400 and 43,500 square feet.

CBRE Vice Chairmen David Hollander and Peter Turchin, New York Tri-State Region CEO Mary Ann Tighe, as well as Senior Vice President Brett Shannon, First Vice President Liz Lash and Vice President Hayden Pascal negotiated the office transaction on behalf of the ownership. Colliers Vice President Taylor Bell represented Octus.

Manhattan’s vacancy rate continues to drop

Manhattan’s office vacancy rate at the end of February clocked in at 16.4 percent, 30 basis points lower year-over-year and well below the 19.7 percent national average, according to a CommercialEdge office report. However, the metro’s listing rate also dropped 3.6 percent percent to $68.9.

Last month, Hudson Square Properties signed a 360,000-square-foot lease extension at 75 Varick, its 1 million-square-foot office building in Manhattan. Horizon, the largest U.S. media agency, will continue to occupy the space for another 17 years.

However, last week Fox Corp. announced it will vacate about 330,000 square feet at 1211 Sixth Ave. in Midtown Manhattan. The space that Fox will be leaving represents roughly a quarter of the total 1.2 million square feet leased by Rupert Murdoch’s Fox and News Corp. media conglomerate.