Ramp Now Fills Seven Floors on West 23rd Street. What Its Third Expansion Says About Midtown South
Fintech company Ramp signed for another 175,000 square feet at 28-40 West 23rd Street, its third expansion there since 2023. The deal shows how tight Midtown South has become for growing companies looking for character office space.
NEW YORK — Ramp first moved into a Flatiron District building on a sublease. Three years later, it occupies most of it.
The financial technology company signed a long-term lease for another 175,000 square feet at Williams Equities’ 28-40 West 23rd Street, Commercial Observer reported on Oct. 27. The deal brings Ramp to 460,300 square feet at the complex, covering the entire sixth through 12th floors. The landlord announced the expansion the same day.
The term and rent were not disclosed. For context, Commercial Observer cited Colliers data showing that asking rents for Class B office space in Midtown South averaged $80.85 per square foot in the third quarter of 2026.
Three Expansions in Three Years
Ramp’s path through the building is a case study in how a fast-growing New York company handles space.
According to Commercial Observer, Ramp arrived in 2023 with a 66,000-square-foot sublease from Microsoft, which doubled its New York City footprint. That sublease became a direct, long-term lease in mid-2024, and Ramp added another 66,000 square feet a few months later. In March 2026 it took 153,303 more square feet, one of Manhattan’s largest office deals of the first quarter, bringing it to 285,303 square feet, the New York Post reported at the time. Now it has added 175,000 more.
The building itself is a draw. The 575,000-square-foot complex spans two connected prewar buildings between Fifth Avenue and the Avenue of the Americas. It is known for its white cast-iron facade and originally housed the Stern Brothers department store, CRE Daily noted. A 120,000-square-foot Home Depot fills its street frontage. Other tenants include Estee Lauder brand Aramis and software company Legora, according to Commercial Observer, and the landlord says the buildings are fully leased.
“Ramp’s commitment to 28-40 West 23rd Street reflects our continued investment in trophy-quality, prewar Midtown South assets that have attracted the city’s leading technology companies and consumer brands including Netflix and Dazn,” Michael T. Cohen, a principal at Williams Equities, said in a statement to Commercial Observer.
A Neighborhood Running Short on Space
Ramp’s deal lands in a busy market. Midtown South recorded 4.75 million square feet of leasing in the third quarter, its strongest third quarter on record, according to Colliers data cited by CRE Daily. Manhattan has recorded 8.8 million square feet of net absorption so far this year, the highest total in the country.
Artificial intelligence companies are part of the demand. CRE Daily reported that AI firms leased nearly 1.1 million square feet in Manhattan in the third quarter alone, well above the roughly 790,000 square feet they leased in all of 2025.
What It Means for Founders Looking for Space
Most startups aren’t shopping for 175,000 square feet. But the same forces shape the market for a 15-person team looking at a 5,000-square-foot loft.
Plan earlier than you think. With well-located prewar buildings like this one fully leased, good options can go fast. CRE Daily’s takeaway was blunt: tenants seeking character buildings may need to act early.
Negotiate for room to grow. Ramp grew in place by adding floors in the same complex. Smaller companies can ask for similar flexibility, such as a right of first offer on adjacent space, expansion options, or the right to sublease if plans change.
Consider a sublease as a starting point. Ramp’s first foothold in the building was a sublease from Microsoft that later became a direct lease. Subleases from larger companies can offer furnished space and shorter terms, which suits a company that isn’t sure how big it will be in two years.
Know the numbers before you tour. Average asking rents give you a baseline for negotiations, even though actual deals vary with the building, the floor and the concessions.
The Takeaway
Ramp’s expansion is one company’s bet, but it fits a broader pattern in 2026: growing tech companies choosing to concentrate in Manhattan, and especially in the older loft buildings of Midtown South. For landlords, that has meant full buildings. For the next wave of New York founders, it means the best space is getting harder to find.
Entrepreneurs Of New York is an independent publication and is not affiliated with Ramp or Williams Equities.