Leases  ·  Office

Tech Investor Primary Subleases 26K SF for NoMad HQ

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A venture capital fund focused on boosting New York City-based startups is plotting an expansion of its own.

Primary has subleased 26,000 square feet at 386 Park Avenue South in NoMad from IPG-owned advertising and marketing agency MullenLowe, Commercial Observer has learned. 

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Primary will relocate 40 employees from its current 5,000-square-foot digs at 19 West 24th Street to the 13th and 14th floors of HSR Corporation’s 20-story building in September, according to subtenant broker Savills. Asking rent was approximately $50 per square foot.

The new office will allow Primary — which invested in startups such as Jet, Noom and Latch — to bring the hundreds of events it hosts each year to a central location and offer hot desks to its community members, according to Jason Shuman, a general partner at Primary. The new location also includes dedicated space for PrimaryLabs, an incubator for early-stage startups.

“Having this space really cements our place in the New York tech ecosystem and reaffirms our investment here,” Shuman said. 

It also offers Primary “a meticulously designed and fully built space” in a Midtown South location that is a “hub for tech and its member companies,” said Savills’s Shay Bolton, who brokered the deal for Primary with Jim Wenk and Kirill Azovtsev.

MullenLowe was represented by JLL (JLL)’s Scott Panzer, Shannon Rzeznikiewicz and Robert Romano. Spokespeople for JLL and MullenLowe did not immediately respond to requests for comment.