NYC: Flutter signs 12-year lease agrement for floor in new office building

Irish sports betting giant Flutter Entertainment plans to open new offices for one of its subsidiaries in New York's Flatiron District. The company has signed a 12-year lease for 35,898 square feet across the entire 23rd floor of the recently built One Madison Avenue office building, according to an announcement from SL Green Realty. The asking rent was $170 per square foot, Commercial Observer reports.

Flutter is the parent company of US sports betting giant FanDuel, and its portfolio also includes overseas brands Paddy Power, Betfair, and Sportsbet. The SL Green spokesperson approached by Commercial Observer did not reveal which one of Flutter’s mobile sports brands will move into the 1.4 million-square-foot building between East 23rd and East 24th streets, noting only that the address is “a new location.” 

FanDuel, the sports betting brand with the largest market share in the US, has offices at 300 Park Avenue South.

According to the report, JLL brokered both sides of the deal, with Justin Haber and Seth Godnick handling it for Flutter and Paul Glickman, Benjamin Bass, Diana Biasotti, and Alexander Chudnoff representing SL Green.

Flutter made its debut on the New York Stock Exchange in January. More recently, the company announced its plans to switch its primary listing from London to New York in a bid to attract more US retail investors. Earlier this month, the conglomerate asked shareholders to vote for the transition on May 1st. 

Flutter chair John Bryant’s letter to shareholders highlighted that New York is the “optimal location” for Flutter’s primary listing. He said the board believed the transfer would “further unlock long-term strategic and capital market benefits” that were already being realized by the US listing.