French Engineering Firm Moving NYC Offices to 55 Broad Street
A Paris-based engineering and consulting firm, SYSTRA, inked a deal to move its New York City offices from the Garment District to the Financial District, Commercial Observer has learned.
SYSTRA signed a 10-year lease for 14,295 square feet on part of the fifth floor of the Rudin family’s 55 Broad Street between Beaver Street and Exchange Place, according to the landlord. Asking rents in the 30-story building are $52 per square foot.
The firm’s NYC offices are currently at 520 Eighth Avenue and it plans to move to its new digs in the spring.
The French company has designed the Dubai Metro system and is the project manager for the Metropolitan Transportation Authority’s long-delayed $12 billion East Side Access project to build train tunnels under the East River that will connect the Long Island Rail Road in Queens to Grand Central Terminal.
Savills’ Lance Leighton, Evan Margolin and Charles Goldman brokered the deal for SYSTRA while Kevin Daly of Rudin Management Company, the operating arm of the Rudin family, handled it in-house for the landlord. The Savills brokers did not immediately respond to a request for comment through a spokeswoman.
Aside from the SYSTRA deal, the Rudin family also announced it recently inked 10-year leases with law firm Schpoont & Cavallo and nonprofit Squash and Education Alliance (S.E.A.)
Schpoont & Cavallo took 3,672 square feet on part of the 18th floor of the building and plans to move from 101 Greenwich Street in the spring. S.E.A. nabbed 1,612 square feet for a pre-built suite on the 14th floor and moved in November 2019, according to the landlord.
Daly represented the landlord in both deals while Park Avenue International Partners’ Michael Hennessy handled it for Schpoont & Cavallo and Peter Cipriano of Savills brokered it for S.E.A.
“SEA was coming out of an old and tired shared space sublease in the Garment District,” Cipriano said in a statement. “The new office at 55 Broad Street was perfect for them because it was their own dedicated unit, it had great natural lighting and views and it was a significant upgrade in quality — all at a bargain price.”
Rudin built 55 Broad Street in the early 1960s and last year finished a renovation of the property’s lobby that added new turnstiles, seating, a reception desk and terrazzo floors.
“The tremendous interest and uptick in leasing volume at 55 Broad Street is a key example of the strength of the Lower Manhattan office market, which ended 2019 on a high note and had one of its best quarters to date,” Michael Rudin, a senior vice president at Rudin Management Company, said in a statement. “Over the years, we’ve made significant investments in the building, and the renovations have been extremely well-received in the marketplace.”