JLL maintains full occupancy at boutique office building with new lease and renewal on behalf of Madison Capital
JLL announced today that it has leased 16,850 square feet of office space in two separate transactions at 10 Crosby St., a five-story, 35,000-square-foot boutique office building located in the heart of New York’s dynamic Soho neighborhood.
CTV advertising platform Sabio will relocate from 43 Crosby St. to occupy the entire 8,425-square-foot 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-square-foot 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 square feet 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 home to many of Manhattan’s most prestigious residential addresses and 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.
JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
