Jessica Schaefer's Capital V Signs Major Lease in Manhattan's SoHo, Signaling New Era for Tech PR Firms
In a significant move for New York City’s burgeoning public relations landscape, Jessica Schaefer, a well-respected figure in financial communications, has launched her newly founded firm, Capital V. Notably, Capital V has secured a prime location as one of the first tenants under Jon Krasner’s ownership of 40 Thompson Street, acquired through his real estate company, 7G Group, just four months ago for .1 million. The lease agreement spans a decade and encompasses an impressive 6,000 square feet on the building’s sixth floor, as reported by Commercial Observer.
Prior to establishing Capital V, Schaefer helmed Bevel, a prominent all-female financial communications firm, which she successfully sold earlier in 2023. With a wealth of experience representing high-profile clients, including New York Mets owner Steve Cohen and WeWork founder Adam Neumann, Schaefer aims to carve out a unique niche in the competitive tech public relations arena.
The decision to lease in SoHo, a neighborhood synonymous with cultural vitality and creative innovation, highlights a broader trend post-COVID-19, as the tech talent pool is increasingly drawn to New York City from traditional hubs like the San Francisco Bay Area. In an interview, Schaefer recognized this shift, stating, “I think post-COVID, we’re seeing a lot of top [tech] talent move from the Bay Area to New York, and there are hundreds of billions of dollars in capital going into the tech and venture ecosystem in New York City.”
Offering insights into Capital V’s growth strategy, Schaefer indicated that the firm currently has plans to expand its team from 20 to approximately 40 by as early as 2026. Capital V will focus on late-stage tech firms, venture capital companies, proptech enterprises, and sectors related to artificial intelligence and supply chain management. Such strategic positioning suggests a keen awareness of the evolving market dynamics, where understanding the interplay of technology and finance will be vital.
The logistics of securing the lease involved key players in the commercial real estate sector. Edward Sisca from CBRE represented Capital V during the negotiation, while representatives from Newmark, including Scott Gutnick, David Falk, and Daniel Levine, facilitated the agreement on behalf of the property’s landlord. While both CBRE and Newmark did not provide immediate comments regarding the transaction, their involvement underscores the competitive nature of Manhattan’s real estate market.
Krasner, who has a long history as a real estate entrepreneur, expressed his enthusiasm for the SoHo location, remarking, “SoHo is as hot as it’s ever been and it continues to move in that direction. The quality of tenants coming in are higher and higher. SoHo is the center of New York City’s finance and tech scene.” This sentiment is echoed by many who view this area not only as a cultural hub but also as a critical nexus for financial and technological innovation.
Capital V’s strategic placement within SoHo places it within walking distance of several influential venture capital firms, such as Thrive Capital, a16z, and Torch Capital, aligning the firm with potential clients who are at the forefront of the tech investment landscape. This proximity to discerning clientele will likely enhance Capital V’s growth prospects, facilitating networking opportunities that can prove indispensable for a burgeoning public relations firm.
The leasing agreement reflects a wider trend within the Manhattan real estate market, characterized by a gradual yet unmistakable recovery as firms reconsider their spatial needs in a post-pandemic world. Many are choosing to occupy plush, expansive office spaces that bolster talent attraction and retention, establishing environments conducive to innovation and collaboration.
Schaefer’s emphasis on remaining solely headquartered in New York, with only potential future expansions to cities like Abu Dhabi, indicates a strong commitment to the U.S. market. This decision could signify a shift as global city landscapes continue to evolve, with international connections becoming increasingly vital to the industry’s future.
As Capital V embarks on this journey, it demonstrates an understanding of not only the current landscape but also the changing dynamics of work, culture, and technology. In an era where old models are being reshaped, Schaefer seems poised for success, aligning her enterprises with the pulse of innovation in one of the world’s most dynamic cities.
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