Software Startup Relocating Manhattan HQ Within ‘Silicon Alley’
Database software startup Cockroach Labs is moving its Manhattan headquarters several blocks north within the Flatiron District after agreeing to take nearly 17,000 square feet of office space at 53 West 23rd Street, Commercial Observer has learned.
The company signed a five-year, 16,909-square-foot lease for the entire eighth floor at the 12-story, 230,000-square-foot building between Fifth Avenue and Avenue of the Americas, representatives for landlord Adams & Co. told CO. Cockroach Labs is expected to relocate in November from its current 7,000-square-foot offices at 101 Fifth Avenue near Union Square.
Rent in the transaction was $80 per square foot, according to the landlord. Alan Bonett, Bradley Cohn and James Buslik represented Adams in-house in negotiations, while their colleagues Jeff Buslik and Jay DiSpaltro represented the tenant.
In a statement, James Buslik said the deal indicates the “continued attraction of tech tenants” to the Flatiron District area known as “Silicon Alley,” which he said “remains the nucleus of Manhattan’s tech sector.” Cockroach Labs, which was founded in 2015 by a team of former Google engineers, is best known for CockroachDB, a cloud-based database management system.
Buslik also cited the appeal of tenant amenity portal Equiem, which Adams deploys at 53 West 23rd Street as well as other properties in its Manhattan office portfolio.
Alongside the adjacent 49 West 23rd Street and 30 West 24th Street, 53 West 23rd Street is one of three interconnected Adams & Co.-owned office buildings on the block. Other tenants at the properties include Tiffany & Co., concert promoter AEG Live and office products distributor W.B. Mason.