Tech Company Relocates from Midtown South to LIC
By Terence Cullen June 22, 2015 12:15 pm
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Applied Research & Consulting has inked a deal to move its office from Midtown South to Long Island City, Commercial Observer has learned.
The data analysis company signed a lease for more than 3,567 square feet at The Factory, according to landlord Atlas Capital Group. It will take space on the fourth floor of the 10-story building between 30th Place and 31st Street.Applied Research & Consulting is moving to 30-30 47th Avenue from 320 West 13th Street between Gansevoort and West Fourth Streets in Manhattan.
“We really like the overall design aesthetic of The Factory, with its emphasis on large, open spaces and its updated, industrial style,” said Chris Bumcrot, a partner at the firm. “We’re also excited about moving to a part of New York City that’s evolving quickly as a business neighborhood.”
Terms of the lease were not disclosed, but comparable rent at the neighboring Falchi Building has been in the $40s per square foot, according to Crain’s New York Business.
The company, which also does public opinion polling and market research, was represented by Haley Fisher and Michael Blanchard of Cushman & Wakefield. Atlas Capital Group was represented by Howard Kesseler, Brian Waterman, Jordan Gosin and Brett Bedevian of Newmark Grubb Knight Frank. Brokers in the deal were not immediately available for comment.
It’s one of two leases Atlas has signed to the building recently. Gwynnie Bee, an online women’s apparel company, inked a deal for more than 12,000 square feet on the fifth floor, as CO reported last week.
LIC’s appeal to tech and creative companies has been gritty, industrial and open office spaces similar to Midtown South but at cheaper rents, as CO has previously reported. Landlords in the area put the average asking rent in the mid-$30s per square foot—an increase from before the recession but still a comparative steal compared with other areas in the city.
