French Tech Firm To Open First U.S. Office [Updated]
Tobias Salinger Sept. 30, 2014, 11:59 a.m.
French digital human resources form company PeopleDoc is currently moving into its first U.S. office in the Garment District through a 5-year, 6,232-square-foot sublease in Olmstead Properties‘ 535 Eighth Avenue, ABS Partners Real Estate announced yesterday.
The firm will take space vacated by Adelhardt Construction Corp. in the construction company’s move downtown to 1 Pennsylvania Plaza, as the tech firm will occupy the entire 18th floor of the 21-story building between West 36th Street and West 37th Street with asking rents in the $40s per square foot, said Audrey Novoa of ABS Partners.
“PeopleDoc has been rapidly expanding its United States presence and was ready to secure an office in New York City for its first American headquarters,” Ms. Novoa said in a prepared statement. “The full-floor space we identified at 535 Eighth Avenue, just two blocks from both Penn Station and Port Authority, could not have been a better match for PeopleDoc. It met the three objectives that meant most to the company: convenient access to transportation, a practical price per square foot and enough space to accommodate more growth over the next few years.”
Ms. Novoa represented the tenants in the negotiations for the deal, while Robin Fisher of Newmark Grubb Knight Frank negotiated on behalf of Adelhardt and Daniel Breiman of Olmstead Properties represented the leasing and managing company in-house.
“The space has excellent light and views on four sides, which makes the space very appealing,” Mr. Breiman wrote in an email. “In addition, the building’s lobby, elevators, and entire electrical and mechanical infrastructure has been upgraded. Moreover, the property’s proximity to mass transit, particularly Penn Station and the Port Authority, makes it convenient for the tenant’s employees to commute to and from work.”
The French company that boasts over 200 clients worldwide gained a $17.5 million investment this past May, ABS Partners representatives said.
Representatives for NGKF didn’t immediately respond to a request for comment.
Update: This story has been updated with a quote from Daniel Breiman of Olmstead Properties.