LifeSci Advisors and Denodo Technologies Ink Deals at 1700 Broadway
By Abigail Nehring March 7, 2024 3:28 pm
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A data management firm and an investor relations adviser signed separate deals for a total of 26,941 square feet of office space at Rockpoint’s 1700 Broadway in Midtown.
In the largest deal, LifeSci Advisors, an advisory firm for companies in the health care and life sciences sectors, signed a seven-year lease for 13,533 square feet on the entire 40th floor of the 41-story office tower, according to Newmark (NMRK), which brokered the deal for both sides.
A spokesperson for Newmark declined to share the asking rent, but average asking rent for offices in Midtown was $82.89 per square foot in the fourth quarter of 2023, according to a report by CBRE.
LifeSci was founded in 2009 and will relocate from its current 9,700-square-foot digs at 250 West 55th Street, just two blocks away from its new address, according to Newmark.
Newmark’s Jonathan Fanuzzi arranged the deal for LifeSci while David Falk, Peter Shimkin, Daniel Levine and Brian Waterman — also of Newmark — represented property manager Rockhill Management in both deals.
“1700 Broadway has seen a lot of leasing momentum largely due to upgrades Rockpoint has made, including some of the city’s best-in-class tenant amenities,” Shimkin said in a statement.
In a second deal, data management platform Denodo Technologies signed a 10-year lease to relocate within the building to 13,408 square feet on the entire 31st floor, Newmark said.
Denodo currently occupies 6,520 square feet in the property between West 53rd and West 54th streets, according to Newmark. It’s unclear when the company first moved into the building.
Denodo was founded in 1999 and helps businesses organize and make sense of large volumes of data using a concept it calls data “virtualization,” according to its website. In addition to the New York office, it also has 22 locations worldwide.
Newmark’s Eric Cagner brokered the deal for Denodo.
Four smaller deals at 1700 Broadway collectively leased another 23,432 square feet.
Executive search company Caldwell Partners took 6,638 square feet on the 17th floor; real estate private equity firm Northwind Group grabbed 6,577 square feet on the 25th floor; investment firm Oaktree Capital Management locked down 5,114 square feet on the 20th floor; and real estate software developer OptionMetrics signed on for 5,103 square feet on the 22nd floor.
Rockhill’s Jamie Nicholson said in a statement that the building’s strong leasing activity “is a testament to the upgrades we have made to create sophisticated and dynamic spaces that are resonating with tenants.”
Abigail Nehring can be reached at anehring@commercialobserver.com.
