New York City, December 23, 2025
Applause, a software quality and testing company, has secured a prime 12,318 square foot lease on the 16th floor of 505 Eighth Avenue in Midtown Manhattan. This move, highlighting the ongoing demand for quality office spaces in NYC, reflects growing confidence in Manhattan’s office market. The lease is part of a broader trend of companies reaffirming their commitments to prime locations, ensuring continued economic vitality in the area.
New York City, NY
Applause Expands in Midtown Manhattan with New Lease
New opportunities arise as Applause commits to a prime location.
In a notable display of entrepreneurial resilience, Applause, a software quality and testing company, has secured a three-year lease for 12,318 square feet on the 16th floor of 505 Eighth Avenue in Midtown Manhattan. This decision to relocate from their previous address at 355 Lexington Avenue underscores the ongoing demand for high-quality office space in New York City, particularly in well-positioned areas like Midtown. The move is set to take effect next year.
Brokered by Christopher Foerch of Savills on behalf of Applause, the lease reflects growing confidence among businesses in Manhattan’s office market, despite fluctuations due to the pandemic. The landlord’s representative, Allen Gurevich of GFP Real Estate, oversaw this transaction along with two other recent leases at the same property, demonstrating a robust interest in this historic building.
Solidarity in Leasing: Other Tenants at 505 Eighth Avenue
Alongside Applause, two other tenants have reinforced their commitment to 505 Eighth Avenue. Hoffman Matlin & Monroy, a reputable full-service law firm, has extended its lease by five years for 3,935 square feet on the ninth floor. Meanwhile, the Avondale Group, which provides home healthcare services, renewed its lease for 1,850 square feet on the 18th floor for an additional three years. These renewals by established tenants illustrate a stable and thriving community within the building.
The Appeal of Midtown Manhattan
The average asking rent for office space in Midtown Manhattan stands at $83.17 per square foot as of the third quarter of 2025, according to recent data from CBRE. This figure reflects the area’s desirability and continued influx of businesses seeking premium office locations. Companies are increasingly recognizing that a strategic workplace is crucial for recruitment, retention, and overall productivity.
Historic Building with Modern Amenities
505 Eighth Avenue is a 25-story building constructed in 1926, offering a total of 292,000 square feet of office space. The building features a modernized lobby that is attended 24/7 and utilizes key card access to enhance security. Additionally, its prime location at the corner of West 35th Street and Eighth Avenue places it just one block from Penn Station, ensuring easy transport access for employees and clients alike.
Implications for the Office Market
The recent leasing activity at 505 Eighth Avenue highlights the enduring appeal of Midtown Manhattan as a hub for business. The continuous investment in prime office spaces suggests a strong belief in the potential for growth and opportunity within New York City’s economy. As companies like Applause and established firms reaffirm their commitments, the resilience of the office market becomes increasingly evident.
Conclusion
The lease agreements recently signed at 505 Eighth Avenue not only reflect individual company needs but also signal the broader economic vitality of New York City’s office landscape. As businesses continue to invest in prime locations, their contributions will undeniably boost job creation and entrepreneurial innovation. Engaging with and supporting local businesses is essential as they navigate the ever-evolving market while contributing to the resilience of New York’s economy.
Frequently Asked Questions (FAQ)
What is Applause’s new office location?
Applause has secured a three-year lease for 12,318 square feet on the 16th floor of 505 Eighth Avenue in Midtown Manhattan, with occupancy set for next year. They are relocating from 355 Lexington Avenue. The lease was brokered by Christopher Foerch of Savills, representing Applause, while GFP Real Estate’s Allen Gurevich represented the landlord in all three lease deals at the property. The asking rent for this lease was not disclosed.
What other tenants have signed leases at 505 Eighth Avenue?
In addition to Applause, Hoffman Matlin & Monroy, a full-service law firm, extended its lease by five years for 3,935 square feet on the ninth floor. The Avondale Group, a home healthcare services provider, renewed its lease for 1,850 square feet on the 18th floor for an additional three years. Both tenants have been part of the building’s community for several years.
What is the average asking rent for office space in Midtown Manhattan?
The average asking rent for office space in Midtown Manhattan was $83.17 per square foot during the third quarter of 2025, according to data from CBRE.
What are the features of 505 Eighth Avenue?
505 Eighth Avenue, constructed in 1926, is a 25-story building offering 292,000 square feet of office space. It features a modernized lobby attended 24/7, key card access, and is situated at the corner of West 35th Street and Eighth Avenue, one block from Penn Station.
What does the recent leasing activity at 505 Eighth Avenue indicate?
The recent lease agreements highlight the sustained demand for well-located office spaces in Midtown Manhattan. These developments reflect the ongoing vitality of the Midtown Manhattan office market, with companies continuing to invest in prime locations to support their operations and growth.
Key Features of 505 Eighth Avenue
| Feature | Details |
|---|---|
| Location | Corner of West 35th Street and Eighth Avenue, one block from Penn Station |
| Year Built | 1926 |
| Building Size | 292,000 square feet |
| Floors | 25 stories |
| Lobby | Modernized, attended 24/7 |
| Access | Key card access |
| Transportation | Close to Penn Station with access to multiple subway lines and regional trains |
Now Happening on X
- @TheTenantAdvisor (December 18, 2025): Bloomberg renewed nearly 496,000 square feet at 120 Park Avenue in Midtown Manhattan, signing an 11-year lease at an asking rent of $135 per square foot, ranking among the largest office leases of 2025. View on X
- @NREBEditors (December 18, 2025): Bloomberg signed a 495,753 SF office lease extension in Midtown Manhattan, as reported by REBusiness. View on X
- @NREBEditors (December 22, 2025): EQT Partners signed a 38,358 SF office lease expansion in Midtown Manhattan, highlighting ongoing tenant growth in the area. View on X
- @CRE_SolutionsFL (December 18, 2025): Bloomberg signed a 495,753 SF office lease extension in Midtown Manhattan, underscoring strong demand for prime office space. View on X
- @tradedny (December 19, 2025): A $150 million refinance loan was secured for the 270,000 SF office building at 390 Park Avenue in Midtown Manhattan by Brookfield Properties. View on X
- @trdny (December 18, 2025): Bloomberg doubles down on Midtown East with a 500,000-square-foot lease extension at 120 Park Avenue. View on X
- @j_g_allen (December 21, 2025): Manhattan office leasing volumes are on track to beat pre-pandemic levels for the first time since 2019, indicating a robust recovery. View on X
- @tradedny (December 22, 2025): A major lease was signed at 200 Liberty Street in Manhattan for 460,000 SF of office space, involving key brokers and landlords. View on X
- @CRE_SolutionsFL (December 18, 2025): McGuireWoods extends and expands its office lease in Midtown Manhattan, reflecting continued tenant commitment to the market. View on X
- @MarkLevineNYC (December 19, 2025): There is still about 75M sq. ft. of vacant office space in Midtown Manhattan, with room for conversions, and office leasing is coming back strong. View on X
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