Dropbox, the $10 billion cloud computing company, is moving across the Flatiron District to a much larger space at Two Trees Management’s 50 West 23rd Street.

The firm signed a five-year lease to take 31,000 square feet at the 13-story building, the entire fourth floor. The deal gives Dropbox the option to renew for an extra five years when the lease expires.

The asking rent at the building is $72 per square foot, Crain’s reported. The company is moving from a 12,000-square-foot space at the Hakimian Organization’s 33 West 18th Street.

Two Trees brought the 340,000-square-foot 50 West 23rd Street back in 2010 for $129.5 million. The firm made $25 million in renovations over the last three years, including upgrades to the lobby, a new heating and ventilation system and an 11,000-square-foot roof deck.

The online music platform Soundcloud also makes its home at the building. It took 43,700 square feet there in January, signing a five-year lease.

Two Trees’ Jed Walentas told Crain’s he’s in negotiations with another tenant who is looking to take the remaining 80,000 square feet of space at the building. [Crain’s] – Ariel Stulberg

Source: Dropbox takes 31K sf at Two Trees’ 50 West 23rd Street