IT Firm Nagarro Subleases 41K SF at 195 Broadway
By Mark Hallum July 9, 2024 1:53 pm
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Information technology firm Nagarro is relocating its New York City offices from Tribeca to the Financial District, Commercial Observer has learned.
The company plans to move from 30 Vesey Street after signing a nine-year, 41,387-square-foot sublease with Orchard Technologies at 195 Broadway, according to a source with knowledge of the deal.
It’s unclear how much space Nagarro has at its current offices but it will be subleasing a portion of Orchard’s 107,443 square feet on the 24th and 25th floors, which it first took in October 2021. It’s also unclear if Orchard is keeping any space at 195 Broadway.
Asking rent in L&L Holding Company’s 29-story building is in the low $40s per square foot, the source said.
Cushman & Wakefield (CWK)’s Gary Ceder and Peter Trivelas, who helped broker Orchard’s 2021 deal, represented Orchard in the sublease while CBRE (CBRE)’s Rob Wizenberg and Peter Shikar negotiated on behalf of Nagarro.
C&W did not immediately respond to a request for comment, while CBRE declined to comment.
Nagarro’s New York City office is just one of 16 locations the Germany-based IT provider has across the U.S., according to its website. It also has 49 outposts in Europe and 28 in Asia.
Other tenants in the landmarked 195 Broadway include financial technology firm Payoneer, which signed a lease for 42,000 square feet on the entire 27th floor in November, and human resources firm Lattice, which inked a 41,937-square-foot sublease in April 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
