Dutch Payment Company Adyen Takes 30K SF at 71 Fifth Avenue
By Celia Young August 31, 2021 2:31 pm
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The Dutch payment company Adyen is saying “tot ziens” (bye) to its office at 18 East 16th Street and “hallo” (hello) to Fifth Avenue.
Adyen will relocate to 30,415 square feet across two floors at Lubert-Adler Partners and Madison Capital’s 71 Fifth Avenue, the New York Post first reported. The company is ditching its former Winter Management Corp. building, according to landlord broker JLL.
The payment platform took 15,177 square feet on the 10th floor of the Union Square office tower and 15,238 square feet on the 11th floor penthouse, a spokesperson for JLL said, who declined to comment on the asking rents and length of the lease.
“This property provides superior space in an ideal location,” JLL’s Mitchell Konsker, who represented the landlord in the deal, said in a statement. “The space benefits from the vibrant neighborhood and provides an opportunity for tenants to attract the best talent due to the flexible floor plates, location and building amenities.”
The 11-story building, first constructed in 1907, was renovated in 2017 and is home to messaging platform Slack, advertising firm The Gate, public relations agency Allison + Partners and Ovation Corporate Travel.
PGIM refinanced the building with an $88.5 million, three-year bridge loan to support leasing up the building — debt that it later transferred to BMO Harris Bank in 2019, property records show.
Transwestern’s Rory Murphy and Thomas Hines handled the deal for Adyen. JLL’s Konsker, Dan Turkewitz and Benjamin Bass, along with Madison Capital’s J. Joseph Jacobson, Jonathan Ratner and Cindy Chang, handled it for the landlord.
“Adyen’s continued growth and commitment to Union Square were met with this unique penthouse opportunity at 71 Fifth Avenue,” Murphy said in a statement to Commercial Observer. “The entire Transwestern team is excited to watch the company continue to thrive in the Midtown South market.”
Celia Young can be reached at cyoung@commercialobserver.com.
