April 25, 2019 – Dennis Someck, Executive Managing Director/Principal, and Justin Myers, Senior Managing Director/Principal, of Lee & Associates NYC have arranged a 10-year, 11,993-square-foot lease for the entire twentieth floor at The Moinian Group’s 245 Fifth Avenue, on the southeast corner of East 28th Street, for the office of Payfone, a digital identity authentication network.
The company is relocating from within the building, where they are currently housed in 5,165 square feet of space on the eleventh floor.
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 same Lee NYC leasing team originally brought Payfone to this building in 2016, so we were excited to help them find another space here that nicely accommodated their rapidly expanding team,” points out Someck, who represented the tenant along with Myers. “They have really enjoyed the amenities of both the building and the neighborhood as the area is certainly conducive to a fast-growing, forward-thinking technology company.”
Illustrating their growth story, Payfone recently announced the closing of a $24 million funding round. In January 2019, Someck and Myers also represented the company in their lease for a new office space at 1550 Market Street in Denver, Colorado.
Within this transaction, the property owner, The Moinian Group, was represented by Christel Engel of Colliers International and Gregg Weiser of The Moinian Group. Payfone will take occupancy at 245 Fifth Avenue in July 2019. Asking rent was $75 per square foot.