Leases  ·  Office

ADP Leases 19K SF at Savitt’s 530 Seventh Avenue

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Automatic Data Processing, better known to employees everywhere as ADP, signed a lease for 18,500 square feet at 530 Seventh Avenue, Commercial Observer has learned.

CBRE’s Paul Amrich, Neil King, Al Golod and Max Tarter represented the landlord, Savitt Partners, in the deal. Savitt’s Brian Neugeboren and Nicole Goetz also had a hand in the negotiations. CBRE’s James Ackerson and Patrick Moroney represented ADP.CBRE and Savitt indicated that the asking rent was $59 per square foot and that the term is for five years. ADP will occupy the entire 15th floor.

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“ADP is yet another company coming to the building for our incredible amenities,” Savitt Partners Founder Bob Savitt said in a statement, referring to tenants like rooftop bar The Skylark, and coworking company Space 530, a 24/7 lobby concierge and an on-site gym that offers personal training.

Video software and data platform JW Player leased 12,044 square feet in December 2021 while Finsight signed a five-year lease for 8,800-square-foot in November 2020. Finsight specializes in developing platforms to facilitate capital markets and corporate finance transactions, as CO reported at the time.

Built in 1929, 530 Seventh Avenue spans 430,000 square feet.

Savitt Partners operates about 3 million square feet of office and showroom space in Manhattan with a portfolio that includes 499 Seventh Avenue, 11 West 19th Street, 218 West 40th Street and 1385 Broadway.

Mark Hallum can be reached at mhallum@commercialobserver.com.