An audio production company called Duotone has decided to renew its lease at 200 Varick Street for another three years. Duotone, which has studios in Los Angeles and Mexico City, will continue to occupy the same 4,633-square-foot space on the sixth floor that it has been leasing since 2014.

The landlord, GFP Real Estate, did not disclose the rental price, but the average asking rent in Midtown South was $79.90 per square foot in the second quarter of 2023, according to a report by Transwestern.

Cushman & Wakefield (CWK) represented Duotone in the negotiations, while Newmark (NMRK) represented GFP Real Estate. The 12-story building, located in Hudson Square at the corner of Varick and Houston Streets, was originally constructed in 1927 and underwent renovations in 2022. Other tenants in the building include healthcare tech startup COTA and video content platform Momenti.

Source: Commercial Observer

Definitions:
– Audio production company: A company that specializes in creating and producing audio content, such as music, sound effects, and voiceovers.
– Lease: A legal agreement in which one party grants the use of a property to another party for a specified period of time, usually in exchange for rent.
– Renew: To extend the duration of a lease or contract beyond its original term.
– Rental price: The amount of money paid by a tenant to a landlord in exchange for the use of a property.
– Midtown South: A neighborhood in Manhattan, New York City, known for its office buildings and commercial activity.
– Transwestern: A commercial real estate services firm that provides brokerage, property management, and development services.
– Cushman & Wakefield: A global commercial real estate services firm.
– Newmark: A real estate services firm that offers a wide range of services, including brokerage, property management, and consulting.
– GFP Real Estate: A real estate investment and management firm based in New York City.