555 - 557 Broadway
This is a well-structured office lease transaction at a Class B/A- SoHo asset managed by a highly credible institutional landlord, Empire State Realty Trust, with strong broker representation from Newmark's top producers. The $99/SF asking rent is competitive and consistent with SoHo office market comps, which range roughly from $85 to $135/SF depending on quality and floor, and the Convene comp at the same building provides direct validation of tenant demand at this address. Rain's relocation from NoMad to a larger footprint signals growth momentum, though limited public information on Rain's financial depth introduces modest tenant credit uncertainty. The multi-broker collaboration and ESRT's institutional management substantially de-risk the landlord side of this transaction. Overall, this is a sound lease deal in a liquid SoHo submarket with credible principals, tempered only by the tenant's relatively limited public track record.
Deal Stats
Parties
Seller / Landlord
Empire State Realty Trust (ESRT), led by Anthony E. Malkin, is a publicly traded NYC-focused REIT with a well-established portfolio including the Empire State Building; ESRT is a sophisticated, institutional landlord with a strong track record of managing and leasing Class A office assets in Manhattan.
Buyer / Tenant
Rain is a financial technology company relocating from NoMad to SoHo, suggesting growth and upgrade in office footprint; limited public deal history but the scale of this lease (38,034 SF at $99/SF) indicates meaningful financial capacity and operational expansion.
Score Analysis
Why this score
Landlord Credibility
Empire State Realty Trust is a publicly traded institutional REIT with proven operational expertise and a strong Manhattan portfolio, substantially reducing landlord-side risk.
Tenant Financial Transparency
Rain's limited public financial disclosures and track record create uncertainty around creditworthiness despite the meaningful lease size.
Market Alignment & Rent Competitiveness
The $99/SF asking rent sits well within SoHo comps ($85–$135/SF) and is validated by comparable Convene demand at the same building address.
Tenant Growth Signal
Rain's relocation from NoMad to a larger 38,034 SF footprint indicates operational expansion and positive momentum in a growth-stage fintech company.
Broker Representation Quality
Multi-broker collaboration with Newmark's top producers enhances transaction execution and deal certainty.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Obtain Rain's audited financials and credit references
Reducing tenant credit uncertainty through third-party validation of liquidity and payment history would strengthen deal confidence.
Secure lease guarantor or enhanced security deposit
If Rain lacks sufficient public financial depth, a parent company guarantee or elevated deposit cushions landlord downside.
Lock in lease rate with annual escalation cap
Establishing a defined rate growth structure (e.g., 2-3% annually) provides long-term lease stability and reduces refinancing risk.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Office Lease 555 Broadway Daily limit: 8/10 Rain Leases 38,034 Square Feet At 555-557 Broadway In SoHo For $99 Per Square Foot LEASED $99 + 2 38,034 SF Leased 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: Total Square Footage: Transaction Type: The asset involved in this transaction is an office space located at 555-557 Broadway in SoHo, Manhattan. The leased space comprises 38,034 square feet with an asking rent of $99 per foot. Summary of transaction details: Property Type: Office Transaction Amount: $99/ft. Square Footage: 38,034 SF Address: 555 - 557 Broadway Market: SoHo, Manhattan Landlord: Anthony E. Malkin - Empire State Realty Trust Tenant: Rain Landlord's Representatives: Kerry Lavelle - ESRT; Peter Shimkin, Dylan Weisman, Danny Levine & David Falk - Newmark This transaction reflects Rain's relocation from NoMad to the Scholastic Building, managed by Empire State Realty Trust. The representation from Newmark indicates a multi-broker collaboration in facilitating this lease agreement. Players All Brokers Landlords | Tenants David Falk 59 deals BROKER Peter Shimkin 32 deals $10M volume Dylan Weisman 6 deals (973) 900-4446 DL Danny Levine 1 deal Kerry Lavelle 5 deals (212) 850-2666 Empire State Realty Trust LANDLORD Rain TENANT Details Deal Summary IMAGE: 05/06/2026 IMAGE: David Falk, Danny Levine, Anthony E. Malkin, Kerry Lavelle, Peter Shimkin & Dylan Weisman ADDRESS: 555 - 557 Broadway MARKET: SoHo, Manhattan ASSET TYPE: Office LANDLORD: Anthony E. Malkin - Empire State Realty Trust (@ESRTSocial) TENANT: Rain LANDLORD'S REP: Kerry Lavelle - ESRT; Peter Shimkin, Dylan Weisman, Danny Levine & David Falk - Newmark (@Newmark) ASKING RENT: $99/ft. ~ SF: 38,034 NOTE: Rain leased 38,034 square feet at ESRT’s 555-557 Broadway (Scholastic Building) in SoHo, relocating from NoMad, with asking rent around $99 per square foot. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. Ryan Simonetti Of Convene Leases 32000 Square Feet Office At Scholastic's 555 Broadway In SoHo New York | Office 07/15/2025 Plaid Leases 45300 Square Feet Office Space At 530 Broadway New York City From Michael Shvo 03/24/2025 Fig Agency Leases 25000 Square Feet At 71 Spring St In New York From United American Land + 1 A16z Acquires Office Space In SoHo, NYC For 10-Year Lease 12/07/2021 Plaid Leases 30000 Square Feet At 295 Lafayette St New York With Landlord Kushner Companies 10/10/2019 Quadrature Signs 10-Year Lease For 30,034 SF At Kushner Companies' Puck Building In SoHo New York | Office | PPSF: $135 11/21/2023 Industrious Leases 33,231 Square Feet At 190 Bowery From RFR For Seven Years New York | Office | PPSF: $95 RW + 5 10/20/2025 Epic Leases 42535 Square Feet Office Space At 148 Lafayette Street From General Catalyst 03/18/2025 Glossier Leases 26000 Square Feet At 161 6th Ave New York With Tenant's Rep Daniel Wilpon 04/12/2017 Knotel Leases 29171 Square Feet At 137 Varick St New York With Trinity Real Estate New York | Office | PPSF: $45 JF 08/24/2017 Contact Get in touch with the broker you want Select Brokers Dylan Weisman, Peter Shimkin, David Falk, Danny Levine, Kerry Lavelle Name Phone (optional) Message I'm an agent Similar Tenants These are similar tenants of Office properties in this pric Knotel 651K SqFt 24 Closed Deals Adaptive Security 51K SqFt 1 Closed Deals JS Jay Suites $5M Volume 7 Closed Deals Upgrade to unlock GA General Services Administration $7M Volume 5 Closed Deals CA Capgemini America 73K SqFt 2 Closed Deals Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Brandon Charnas 21 Closed Deals (646) 845-0351 Daniel Lolai $212M Volume 91 Closed Deals Darell Handler 12 Closed Deals (646) 597-6171 Dennis Someck 26 Closed Deals (917) 653-1177 Eric Siegel 56 Closed Deals (732) 615-8506 Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. 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Deal Type SALE LOAN LEASE Property Size (sq ft) Rent per Square Foot (Annual) Lease Term (Years) Annual Escalation (%) Lease Type NNN (Triple Net) Free Rent Period (Months) Reset Effective Rent (Annual) $4,316,570.14 Total Lease Value $43,165,701.39 Net Landlord Cash Flow Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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