Adobe Systems Consolidates Space in Union Square
Adobe Systems, the software company based in San Jose, Calif., has signed a lease at the Clarion Partners’ 100-104 Fifth Avenue between East 15th and East 16th Streets.
According to The Wall Street Journal, Adobe has committed to 30,644 square feet in a 10-year lease. It will occupy the entire fourth floor and a portion of the fifth floor.
“Adobe was drawn to the Union Square area for its 24/7 environment and proximity to mass transit and our fully renovated building offers an open and expansive space with the opportunity to collaborate with like-minded tenants elsewhere in the property,” said Margaret Egan, a senior vice president with Clarion Partners, in a press release issued by Clarion and the building’s broker.
Grant Greenspan and Michael Kaufman of the Kaufman Organization, the exclusive leasing agent at the building, represented Clarion Partners. John Lizzul of Newmark Grubb Knight Frank represented Adobe. Mr. Lizzul declined to comment.
Adobe took this space because it had a number of leases in New York City over the past few years in this area; it decided to combine its spaces and put everyone together to promote synergy.
Adobe will keep its office at 1540 Broadway, which it recently expanded by an additional 18,500 square feet.
Asking rents for 100-104 Fifth Avenue lease were not disclosed; however, the press release noted that asking rents in the lower part of the building have been in the high-$70s per square foot.
Other tech tenants at the 270,000-square-foot 100-104 Fifth Avenue include Apple, Net-a-Porter and Knewton.