Fanduel In New York

FanDuel, a fantasy sports startup valued at $1.3 billion, is taking the top three floors of Rockrose Development’s 300 Park Avenue South, The Real Deal has learned.

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DraftKings and FanDuel Relaunch in New York. Posted on: August 23, 2016, 02:00h. Last updated on: August 23, 2016, 11:19h.

Fresh off a $275 million Series E financing round, FanDuel is upgrading from 9,000 square feet in Union Square to 41,000 square feet in what is shaping up to be Manhattan’s premier district for media and technology startups.

1. FanDuel, the leading sports betting outlet in New Jersey, has expanded to New York State via Tioga Downs. But although New York has begun legalized sports betting, there is no timetable on when.
2. A New York appeals court today ruled that Daily Fantasy Sports contests - like FanDuel and DraftKings- violate the state constitution’s ban on gambling and are therefore illegal.

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Asking rents at Rockrose’s 14-story,170,000-square-foot property average $80 per square foot. The developer is renovating the rooftop as a building-wide amenity space for screening films and sporting events, according to Ted Traum, director at Rockrose. FanDuel is slated to move in by October.

Cushman & Wakefield’s Mikael Nahmias and Hunton & Williams’ Anthony Bonan represented the landlord, while Colliers International’s Robert Kennedy and Mintz & Gold’s Heath Loring represented FanDuel.

Founded in 2009, FanDuel’s investors include KKR, Time Warner Investments, Google Capital and others. In June, its chief rival DraftKings inked a five-year lease for its first New York City office – a 23,500-square-foot spread at 400 Lafayette Street in Noho, as TRD reported.

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Tenants at 300 Park Avenue South include public relations firm M. Booth & Associates and talent agency Wilhelmina Models. The property’s ninth and 11th floors are currently available for lease. TAMI tenants in the neighborhood include Business Insider, Hulu, Mashable and MasterCard.

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Formerly known as the Mills & Grubb Building, 300 Park Avenue South was built in 1910 as an industrial printing plant. Rockrose, a family-run development firm founded by Henry Elghanayan, bought the parcel in 1999. The firm has been busy developing massive rental towers in Long Island City, having recently secured a $270 million construction loan for 974 apartments planned for 43-25 Hunter Street.