Software Company UiPath Takes Full Floor at One Vanderbilt
By Celia Young September 30, 2021 12:25 pm
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The New-York based software company UiPath is taking an entire floor at one of the city’s tallest and newest trophy office towers, One Vanderbilt, for its global headquarters.
UiPath, which develops software to help build and manage robots that can interact with computer systems, signed a 15-year lease for 26,363 square feet on the 60th floor of the 67-story skyscraper, joint-owner SL Green Realty Corp. announced Thursday.
“We could not be more excited and prouder about opening our global headquarters in the center of a growing, thriving technology community,” Ashim Gupta, UiPath’s chief financial officer, said in a statement. “We are confident that this new space will expand with us, providing a great place for our team to work and collaborate, and an immersive experience to host customers and partners as we deliver the future of work through automation.”
While the landlord did not disclose the asking rents, they range from $150 to $200 per square foot on the lower floors of One Vanderbilt, and are reportedly around $212 per square foot for the 60th floor.
UiPath will relocate from its current New York headquarters on the 20th floor of 90 Park Avenue.
The 1.7 million-square-foot Midtown skyscraper is owned by a joint venture between SL Green (SLG), the National Pension Service of Korea and Hines, Commercial Observer reported. It is home to tenants including The Carlyle Group, MSD Partners, Mamoura Diversified Global Holding and Kyndryl.
“We’re delighted to welcome UiPath to One Vanderbilt Avenue,” Steven Durels, executive vice president at SL Green, said in a statement. “They join a prestigious list of companies seeking a best-in-class, healthy work environment with direct connectivity to mass-transit.”
SL Green sealed the deal for a $3 billion refinancing of the property earlier this year, with Wells Fargo and Goldman Sachs leading the 10-year, fixed-rate, commercial mortgage-backed securities (CMBS) financing — the largest-ever, fixed-rate, CMBS loan secured by a single asset, CO reported.
Cushman & Wakefield (CWK)’s Dale Schlather, John Boyle, Greg Herman, Justin Halpern, Ed Wartels and Jennifer Konefsky represented UiPath. CBRE (CBRE)’s Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amario handled the deal for the landlord.
Brokers from C&W did not immediately respond to a request for comment. CBRE declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
Update: This story has been updated to include more information from SL Green.
