Platform Developer Namely Doubles Up in FiDi With 84K SF
Terence Cullen Oct. 28, 2015, 4:29 p.m.
Human resources software developer Namely has doubled its size at L&L Holding Company’s Downtown office building at 195 Broadway, Commercial Observer has learned.
The tech company inked a deal for 41,937 square feet, or the entire 11th floor, of the 29-story building between Dey and Fulton Streets, according to brokers in the deal. That gives the firm a total of 83,919 square feet on two floors in the 102-year-old structure.
The lease, signed a week ago, is for 10 years. Brokers for the tenant declined to provide the rents, but a source with knowledge of the deal said today’s asking rent in the building is $58 per square foot.
Namely is consolidating its two offices—one in Midtown at 45 West 34th Street and one in Brooklyn—to a single Downtown location, according to information provided by CBRE. The company first signed a lease this March for 41,982 for the 15th floor.
But as the company expands, its decision makers wanted more space and to bring its employees under one roof. The Namely executives were drawn to the access to mass transportation and its proximity to Brooklyn and Midtown, said Daniel Wilpon of CBRE. Retail tenants such as restaurant Nobu and clothing company Anthropologie slated to come into the building were also a plus, he added.
“A lot of it was attracting talent, but more so bringing two separate offices together,” he said. “The Brooklyn transportation Downtown is pretty fantastic. It’s an ideal hub.”
Mr. Wilpon and colleagues Sinclair Li and Zac Price represented Namely, while Andrew Wiener and David Berkey of L&L represented the landlord in-house. An L&L spokesman did not immediately return a request for comment.
Namely is slated to move into the 11th-floor office in the middle of next year. The tech firm, which develops platforms for payroll and other HR needs, will sandwich Gucci, which is relocating to the 12th and 14th floors (195 Broadway doesn’t have a 13th floor). The fashion giant locked down an 84,000-square-foot deal earlier this year to relocate from 685 Fifth Avenue in Midtown, as CO previously reported.
With additional reporting provided by Lauren Elkies Schram.