Profound, a marketing intelligence platform, has signed a 30,000-square-foot lease at 5-9 Union Square West in Manhattan. The deal spans two full floors of the eight-story building owned by GFP Real Estate. Asking rent hit $75 per square foot, making this a roughly $2.25 million annual commitment for the tenant.
Buchbinder & Warren Realty Group represented Profound in the transaction. The circa-1900 building sits in a prime downtown location that draws tech and media tenants seeking character-driven office space with modern amenities.
For landlords like GFP, this lease signals tenant appetite for larger contiguous blocks in established properties. Mid-market tech firms continue targeting pre-war buildings in Manhattan's core neighborhoods, particularly Union Square, where transit access and neighborhood amenities attract talent. Two full floors offer operational efficiency and the flexibility tech companies demand.
Profound's move reflects broader office leasing trends post-pandemic. Rather than shrinking footprints, successful growth-stage companies are consolidating operations into single locations that support collaboration and culture building. A two-floor lease provides room for expansion without relocating again within 5-10 years.
For competing landlords in Lower Manhattan, this deal validates $75/sf as achievable for well-located Class B office stock. GFP's building, though built in 1900, competes effectively against newer construction by offering character, floor-to-ceiling heights, and proximity to talent pools.
Brokers in the market note sustained demand from software and SaaS firms for Manhattan office space, particularly in downtown neighborhoods. The $2.25 million annual commitment from Profound strengthens Union Square's positioning as a tech hub beyond Flatiron. This lease also demonstrates that buildings don't need trophy status or glass facades to command premium rents when location and floor