Liquor Maker Pernod Ricard Subleases 18K SF to Legal Tech Firm
By Liam La Guerre January 10, 2018 6:46 pm
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Legal-services technology company Complete Discovery Source has found a new home for its headquarters.
The company has completed an 18,803-square-foot sublease with wines and spirits maker Pernod Ricard USA at 250 Park Avenue, according to a news release from Complete Discovery’s broker, Kaufman Organization.
The tech firm plans to relocate later this month and will occupy a portion of the 18th floor of the 21-story building between East 46th and East 47th Streets and owned by AEW Capital Management. The asking rent in the five-year deal was not immediately clear.
“CDS needed a strong level of security for its high-tech and sensitive legal operations,” Kaufman Organization’s Arthur Spitalnick, who handled the deal for CDS, said in a prepared statement. “250 Park Avenue met this need while also offering the firm a modern, furnished space that allows for the seamless occupancy that is essential for tech tenants.”
CDS, which has additional offices in Chicago and Washington, D.C., is relocating from 345 Park Avenue between East 51st and East 52nd Streets, according to The New York Post, which first reported news of the deal.
The company offers a variety of software to help law firms during the discovery process of litigation (the pre-trial phase).
David Falk, Alex Leopold and Gregory Frisoli of Newmark Knight Frank represented Pernod Ricard USA, a subsidiary of Paris-based Pernod Ricard, in the deal. The Newmark brokers did not immediately respond to request for comment via a spokesman.
The liquor company recently remodeled its offices into an open-floor plan, shrinking the amount of space that it needed for its employees, so Pernod Ricard USA decided to sublease out the excess space, according to the Kaufman news release.
Pernod Ricard USA signed a deal for 82,300 square feet at the building for the entire 16th,17th and 18th floors, and a portion of the 20th floor in 2012, as CO reported at the time.
The 543,000-square-foot building is also home to law firm Epstein Becker & Green, office space provider Regus and investment banking and asset management firm Needham & Company, a subsidiary of The Needham Group.
