Financial services firm Pragma Securities has signed a 10-year, 12,500-square-foot lease on the 12th floor at Normandy Real Estate’s 1370 Broadway, The Commercial Observer has learned.
The tenant will pay rent starting in the high-$40s per square foot, according to data from CompStak.
Founded in 2003, Pragma Securities is a developer and provider of algorithms for U.S. equities trading. The firm offers solutions for liquidity sourcing, dark pool aggregation, single-stock strategies and other sophisticated trading needs.
The firm is currently headquartered on the 20th floor at 360 Park Avenue South. The 23,116-square-foot full-floor space is currently being marketed by Paul Ippolito of Newmark Grubb Knight Frank, according to a listing on 42Floors.
Acquired by Normandy Real Estate Partners in 2012, the 280,000-square-foot office building at 1370 Broadway is located between 36th and 37th Streets. Since acquiring the building, the landlord has tapped architects MKDA to spearhead renovations, including a new glass entry, new revolving doors and new elevator cabs. Paul Amrich, Neil King and Mike Movshovich of CBRE are leasing agents for the property.
As reported by The Commercial Observer, apparel supplier Intradeco Apparel signed a 16,787-square-foot lease for the entire seventh floor at 1370 Broadway last month. The deal was struck with rent starting in the mid-$40s per square foot, according to CompStak’s data.