April 30, 2019 – Dennis Someck, Executive Managing Director/Principal, and Justin Myers, Senior Managing Director/Principal, of Lee & Associates NYC, as well as JR Bitzer, Principal, of Lee & Associates Denver, have arranged a six-year, 7,664-square-foot lease for the partial second floor at 1550 Market Street, in downtown Denver’s LoDo neighborhood, for the office of Payfone, a digital identity authentication network. The company is relocating from 6455 South Yosemite Street in Greenwood Village, a suburb of Denver, where their office was housed in 4,272 square feet of space.
Payfone’s Trust Platform product allows companies to create tokenized identities for their customers which help to build more complete digital identities and prevent fraud. The technology is compatible with mobile, web and call center platforms. Payfone also provides a Trust Score which measures the potential risk associated with a digital identity.
“The team will now be located much closer to the Denver city center and able to enjoy all of the amenities and conveniences that come with that,” points out Bitzer.
“Payfone has been growing so quickly that almost immediately after the completion of the Denver deal, we found them a new space in New York City which was twice the square footage of their previous office there,” adds Someck, who represented the tenant along with Myers and Bitzer in this transaction.
Illustrating their growth story, Payfone recently announced the closing of a $24 million funding round. In March 2019, the lease was signed for the 11,993-square-foot New York City headquarters at 245 Fifth Avenue.
Within this transaction, the property owner, 16M, LLC (a Delaware limited liability company), was represented by Chris Phenicie, Allison Berry and Hilary Barnett of CBRE Denver. Payfone will take occupancy at 1550 Market Street in July 2019. Asking rent was $48 per square foot.