West Harlem-Based Tech Startup Relocating Offices to the Bronx

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Lumiode, a semiconductor technology startup, has signed an 8,645-square-foot deal at Savanna and Hornig Capital Partners2417 Third Avenue, also known as The Bruckner Building, in the Mott Haven section of the Bronx, Commercial Observer has learned.

SEE ALSO: Revealed: The True $257M Buyer of Savanna’s Boutique Chelsea Building

The tech company will occupy a part of the sixth floor of the eight-story, 172,000-square-foot property at the corner of Third Avenue and East 134th Street. The asking rent in the six-year deal was $29 per square feet, according to a spokesman for Savanna.

Lumiode is planning to relocate from its current offices in West Harlem at 1361 Amsterdam Avenue at the corner of West 126th Street in the fourth quarter of the year.

“The Bruckner Building is a special property in terms of its location and flexibility,” Tom Farrell, a managing director of Savanna, said in prepared remarks. “We’ve been successful in attracting and accommodating tenants priced out of Manhattan, as well as longtime Bronx tenants seeking updated space and quality ownership and building management.”

A Cushman & Wakefield team of Mitchell Arkin, Omar Sozkesen and Myles Fennon handled the transaction alongside JRT Realty Group’s Ellen Israel, Lauren Calandriello and Greg Smith. (The C&W and JRT brokers are exclusively handling leasing of the building for the landlords).

SquareFoot’s Oliver Hunt and Jason Majlessi, who brokered the deal for the tenant, did not immediately return a request for a comment via a spokesman. And a Lumiode representative did not immediately return an inquiry seeking comment.

Savanna and Hornig purchased the former manufacturing building at 2417 Third Avenue for $30.5 million in March 2015, and then started a $12 million renovation that ended in 2016, as CO previously reported. The building now features new windows, electrical infrastructure, roof, passenger elevators and a cleaned-up facade.

Since the building’s renovation, the C&W and JRT teams have leased 42,581 square feet to a variety of tenants including most recently LeMed Speciality Pharmacy, which inked a 7,629-square-foot deal and nonprofit Rewarding Environments for Adult Living, which signed a 5,962-square-foot lease.

“The Bruckner Building offers updated space at a great value relative to the local competition, and certainly relative to Manhattan,” Calandriello said in a statement. “It’s an excellent alternative with outstanding transportation links in an exciting neighborhood.”