Slack “On the 5-Yard Line” for All Office Space at 44 Union Square

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Slack, the cloud-based software company, is “on the five-yard line” for leasing all the office space at 44 Union Square, sources told Commercial Observer.

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The 70,318-square-foot building at the corner of East 17th Street is owned by Reading International, a Los Angeles-based theater operator. 

Slack needed the space because “they’re growing so quickly,” said the source. There is no word on when Slack would move into the space, but “as soon as possible. By the first of the year, certainly.”

The asking rent in the deal is $125 per square foot, sources said. Slack will be taking all of the office space in the building, which adds up to some 43,106 square feet, according to a flyer from the building. The property also has another 27,212 square feet of retail space.

The building once served as home to Tammany Hall, the infamous New York political machine and later housed the International Ladies’ Garment Workers Union. More recently, it was a theater before getting a makeover by BKSK Architects and CNY Group, as CO reported, including a new glass dome, which is “almost complete” according to a source who worked on the deal.

The digital behemoth Slack filed to go public this April and was valued at a whopping $23 billion when it started trading in June, according to VentureBeat.

Newmark Knight Frank’s Jeffrey Roseman, Justin DiMare, David Falk and Jonathan Franzel were marketing the building on behalf of the landlord and declined to comment. Brian Given and Sheena Gohil at Colliers International brought in Slack; they could not be reached by press time.