Software Company Optimove Takes 10K SF at 1407 Broadway
By Isabelle Durso October 29, 2024 4:05 pm
reprints
Software company Optimove will stay true to its name and move its offices to an optimal site in Shorenstein Properties’ 1407 Broadway.
Optimove, which bills itself as a “customer-led marketing platform,” signed an eight-year sublease with asset management firm Lazard for 10,343 square feet on the fourth floor of the 43-story Midtown tower, according to Nomad Group’s Matthew DeRose, who brokered the deal for the tenant along with William Janetschek. Asking rent was $70 per square foot, DeRose said.
The deal represents a relocation for Optimove, which had its previous office at 185 Madison Avenue, according to DeRose. The company has already moved into its new spot.
“We’re excited to have partnered with Optimove in securing a space that perfectly supports their rapid growth and commitment to redefining customer engagement,” DeRose said in a statement to Commercial Observer. “Establishing their footprint in one of New York’s most vibrant business hubs further strengthens Optimove’s position as an industry trailblazer, ready to lead in their next phase of expansion.”
Cushman & Wakefield (CWK)’s Connor Daugstrup, Justin Royce and Tara Stacom brokered the deal for Lazard. A spokesperson for C&W did not immediately respond to a request for comment.
The news comes after Shorenstein’s 911,896-square-foot building, built in 1950 and just south of Times Square, experienced a 73 percent plunge in value since its loan originated in 2019, as CO reported in June.
When Shorenstein secured the $350 million commercial mortgage-backed securities loan in November 2019, the building had an appraised value of $510 million. Shorenstein defaulted on that loan last year and it was sent to special servicing, CO reported.
In June, the building’s appraised value was lowered to $136 million.
Isabelle Durso can be reached at idurso@commercialobserver.com.
