Epiq Systems is relocating employees from its offices at 90 Park Avenue to furnished digs at 777 Third Avenue, as Crain’s New York Business first reported.
The legal industry technology provider is subleasing two full floors, 10 and 11, totaling 50,000 square feet, from Avon cosmetics company. The William Kaufman Organization and The Travelers Companies co-own the 38-story roughly 600,000-square-foot building which is between 48th and 49th Streets. The asking rent wasn’t immediately available. Avon replaced a major advertising firm as the anchor tenant in 2010.
Epiq, a publicly traded company with offices in the United States, Europe and Asia, also has New York City offices at 757 Third Avenue, 810 Seventh Avenue, 88 Pine Street and 4 New York Plaza.
Mark Weiss at Newmark Grubb Knight Frank represented Epiq in the deal and Jon Zuckerman and Stephen Gordon, also from NGKF, represented Avon.
Mr. Weiss told Commercial Observer proximity to clients was what drove the decision to take the space, rather than the fact that Epiq has offices across the street at 757 Third Avenue.
Mr. Zuckerman declined to comment.
Recent capital improvements at the building included a restoration of the lobby and elevators, along with technology and security systems, as Commercial Observer previously reported. Earlier this year, investment management firm SEI Investments signed a lease renewal and expansion for 18,412 square feet at 777 Third Avenue. That deal brought the building to 100 percent occupied.