Cedar, Dorilton Capital Lease 72K SF at 32 Avenue of the Americas
By Rebecca Baird-Remba August 26, 2021 12:57 pm
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A pair of financial and tech tenants have inked new deals totaling 72,000 square feet at Rudin Management Company’s 32 Avenue of the Americas in Tribeca, the landlord announced Thursday.
Health care payment company Cedar signed a five-year, 66,753-square-foot lease encompassing the entire 18th, and part of the 17th, floors.
It will move from a much smaller, 17,000-square-foot office nearby at 95 Morton Street in the fourth quarter of 2021, according to Rudin. Since March, the firm has acquired health care tech company Ooda Health and closed a $200 million Series D funding round.
Investment firm Dorilton Capital also signed a 5,148-square-foot expansion in the building, where it has been a tenant since 2017. The transaction brings Dorilton’s footprint in the 27-story building to 38,648 square feet across the entire 26th floor and portions of the 17th and 27th floors. Asking rents in the building range from $69 to $75 a square foot, according to Rudin’s website.
“In addition to expanding our footprint earlier this year to San Francisco and Salt Lake City after our acquisition of OODA Health, this move is reflective of our significant strategic growth that will allow us to accommodate our growing headcount and accelerate investment in new technologies and products,” said Cedar CEO Florian Otto in prepared remarks.
Robert Steinman represented the landlord in-house in both transactions, while Mitti Liebersohn and Evan Foley of Avison Young represented Cedar in the negotiations. Dorilton Capital did not have a broker.
Foley said in a statement that Cedar “recognizes the neighborhood’s allure as a desirable workplace destination with access to a strong local talent pool.”
Rudin acquired 32 Avenue of the Americas from AT&T in 1999. For several decades, the 1.2 million-square-foot Art Deco building, designed by Ralph Walker, was AT&T’s main, long-distance telephone switching hub. The first transatlantic telephone call was switched through the building in 1956.
AT&T and a handful of other telecom companies remain as tenants in the building, which has a data center, along with office tenants like Dentsu, iHeartMedia, GloboNews, Lumen, and New York University.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
