Software giant Adobe Systems is expanding its Union Square offices to more than 46,000 square feet, with the addition of 16,244 square feet, brokers on the deal told Commercial Observer.
Adobe signed a seven-year lease for the eighth floor of Clarion Partners’ 100-104 Fifth Avenue between West 14th and West 15th Streets, according to The New York Post, which first reported news of the deal. The San Jose, Calif.-based company currently occupies 30,657 square feet spanning the fourth floor and a portion of the fifth floor. The asking rent was in the high $80s per square foot, according to a spokesman for the Kaufman Organization.
Grant Greenspan and Michael Kaufman of Kaufman Organization brokered the deal for the landlord while Brian Givens of Colliers International handled it for Adobe.
“100-104 Fifth Avenue continues to be an attractive hub for leading tech firms in Midtown South,” Greenspan said in a statement. “Adobe’s decision to remain and expand at the building is a testament to the location’s convenience, top-of-the-line technology infrastructure along with institutional ownership and management that make the property a destination for creative, innovative and rapidly growing firms across a variety of industries.”
A Colliers spokesman declined to comment.
In 2015, Adobe consolidated much of its office space through a 10-year lease in the Union Square building, as CO previously reported. The company expects to expand onto the eighth floor in early fall, according to the Kaufman Organization spokesman.
Other tenants in 100-104 Fifth Avenue include Apple, Yelp and Interactive Partners.