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Category Archive250 Park Avenue

Liquor Maker Pernod Ricard Subleases 18K SF to Legal Tech Firm

Legal-services technology company Complete Discovery Source has found a new home for its headquarters.

The company has completed an 18,803-square-foot sublease with wines and spirits maker Pernod Ricard USA at 250 Park Avenue, according to a news release from Complete Discovery’s broker, Kaufman Organization.

The tech firm plans to relocate later this month and will occupy a portion of the 18th floor of the 21-story building between East 46th and East 47th Streets and owned by AEW Capital Management. The asking rent in the five-year deal was not immediately clear.  

“CDS needed a strong level of security for its high-tech and sensitive legal operations,” Kaufman Organization’s Arthur Spitalnick, who handled the deal for CDS, said in a prepared statement. “250 Park Avenue met this need while also offering the firm a modern, furnished space that allows for the seamless occupancy that is essential for tech tenants.”

CDS, which has additional offices in Chicago and Washington, D.C., is relocating from 345 Park Avenue between East 51st and East 52nd Streets, according to The New York Post, which first reported news of the deal.

The company offers a variety of software to help law firms during the discovery process of litigation (the pre-trial phase).  

David Falk, Alex Leopold and Gregory Frisoli of Newmark Knight Frank represented Pernod Ricard USA, a subsidiary of Paris-based Pernod Ricard, in the deal. The Newmark brokers did not immediately respond to request for comment via a spokesman.

The liquor company recently remodeled its offices into an open-floor plan, shrinking the amount of space that it needed for its employees, so Pernod Ricard USA decided to sublease out the excess space, according to the Kaufman news release.

Pernod Ricard USA signed a deal for 82,300 square feet at the building for the entire 16th,17th and 18th floors, and a portion of the 20th floor in 2012, as CO reported at the time.  

The 543,000-square-foot building is also home to law firm Epstein Becker & Green, office space provider Regus and investment banking and asset management firm Needham & Company, a subsidiary of The Needham Group.

Source: commercial

Investment Bank Relocating HQ Within Midtown With 30K-SF Deal

Needham & Company, an investment banking and asset management firm, is moving its headquarters to 250 Park Avenue, according to a news release from the landlord’s broker, Cushman & Wakefield.

The financial services company will occupy the entire 10th floor of the 21-story building, located between East 46th and East 47th Streets. The new deal brings the 543,000-square-foot building to 98 percent occupancy.

The asking rent in the 11-year transaction was $67 per square foot. Needham is relocating at the end of the year from 445 Park Avenue between East 56th and East 57th Streets. It will move its 100 employees to the new digs, as GlobeSt.com first reported.

C&W’s David Hoffman, Robert Billingsley and Whitnee Williams brokered the transaction for the landlord, AEW Capital Management, while Atco Brokerage ServicesPeter Goldich represented Needham.

“With its new full-floor office space in the heart of Manhattan and close proximity to other financial industry leaders, we know Needham will be very pleased with its new home,” Hoffman said in a statement.  

In addition to its New York City office, Needham has offices in Boston, Chicago, San Francisco and Menlo Park, Calif.

“They wanted to consolidate onto one floor,” Goldich said. “They were previously on two floor plates. And [250 Park Avenue] has a great presence on Park Avenue. They had been where they were for over 20 years. It was time to get something new and up to date.”

Source: commercial