Fintech Firm Accrue Savings Leases 10K SF at 104 Fifth Avenue
By Mark Hallum May 30, 2022 12:00 pm
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Financial services firm Accrue Savings has signed a two-year, 10,000-square-foot lease at 100-104 Fifth Avenue, Commercial Observer has learned.
The company that focuses on helping customers save to buy the items they desire — as opposed to buying in installments as services like Klarna or Sezzle — will occupy the entire third floor of the 20-story building, according to landlord broker the Kaufman Organization.
“For these companies, this location offered a space that could support their growing businesses. Flatiron has been seeing an increase in cryptocurrency and tech companies, making this the ideal location for unique companies such as Accrue Savings,” Michael Kaufman, who brokered the deal for landlord Clarion Partners with Grant Greenspan,said in a statement.
Warren Hershkowitz of Voda & Co. Real Estate represented Accrue Savings. Asking rents were not disclosed.
“It’s a great company considering the space that they’re in, this buy now, pay later that we’re all inundated with when you check out. All that leads to debt and [Accrue] is taking a savings approach,” Hershkowitz said. “It’s old-school layaway.
Not unlike every other company in the post-COVID environment, Accrue settled on a space that would make workers feel safe returning to the office in terms of health, according to Hershkowitz.
“[The building] is an ideal office location because it brings an architectural appeal to tenants with its French Gothic façade and ultra-modern minimalist-design lobbies,” Margaret Egan, Clarion Partners’ senior vice president of asset management, said in a statement. “As more technology companies are looking for office space in this area of the city, this property stands out as it features a 24/7 neighborhood, access to NYC’s major transit hubs and a history of attracting well-known tech tenants.”
Accrue Savings is currently headquartered at 1375 Broadway and it is not clear when they will relocate.
Mark Hallum can be reached at mhallum@commercialobserver.com.
