Dropbox Inks Relocation Deal at 340,000-SF 50 W. 23rd

Cloud computing and storage company Dropbox has signed a five-year lease for 31,270 sf at 50 W. 23rd St. in midtown south Manhattan. The lease represents a relocation and expansion from its current 11,666 sf at 33 W.19th St.

Dropbox is the second brand-name tech company to take office space at the 340,000-sf office building. In June 2015, online music company SoundCloud inked a 43,000-sf transaction with building landlord Two Trees Management. Two Trees Management acquired the property in 2010, and invested approximately $25 million in capital upgrades.

Two Trees Principal Jed Walentas indicated his company is in negotiation with a tenant that would take the remaining 80,000 sf.