VC Firm Sequoia Capital Opening First East Coast Office at Zero Irving
By Celia Young July 28, 2022 5:29 pm
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Venture capital giant Sequoia Capital will open its first U.S. office outside of Silicon Valley at the Union Square tech hub Zero Irving next year.
Sequoia — known for its early-stage investments in Apple, Google and Cisco — took 13,089 square feet on the entire 19th floor of the building at 124 East 14th Street, The Information first reported. Asking rents range from $100 to $175 per square foot, Commercial Observer previously reported.
RAL Development Services and co-developer Junius Real Estate Partners have transformed the former P.C. Richard & Son location into a tech hub, with its eighth through 12th floors dedicated to providing cheap offices to young companies, and the rest set aside for larger companies.
Sequoia, which has a whopping $85 billion in assets under management, joins other market-rate tenants that inked deals in Zero Irving, including fintech firm Melio, software company Sigma Computing and digital banking platform Laurel Road.
The deal underscores New York’s growing tech sector, which expanded rapidly during the pandemic to rival San Francisco, and comes as other venture capital firms made moves in the Union Square area: Union Square Ventures took 13,500 square feet at the nearby 817 Broadway and 25madison inked a nearly 10,000-square-foot deal for the same building this year.
JLL’s Mitch Konsker, Ben Bass, Dan Turkewitz, Kristen Morgan and Carlee Palmer represented the landlord in Sequoia’s deal. Kyle Riker and Steven Rotter, also with JLL, handled it for the tenant.
Sequoia did not immediately respond to a request for comment. RAL and JLL declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
