The Real Deal New York

Software firm takes 44K sf at 636 Sixth

Pivotal Labs is taking over some of the space from Digital Currency Group

November 07, 2016 02:40PM
By Katherine Clarke

636 Sixth Avenue

636 Sixth Avenue

UPDATED, Nov. 7, 6:00 p.m.: Pivotal Labs, a software development firm backed by the Ford Motor Co., Dell EMC and General Electric, will take 43,591 square feet at 636 Sixth Avenue, sources told The Real Deal.

Some of the space was formerly occupied by Digital Currency Group, a trading firm headed by Barry Silbert. The company comprises a pair of businesses that were originally formed at SecondMarket, a popular trading exchange sold by Silbert last year to Nasdaq. 

Pivotal will initially occupy floors 2, 5, 6 and the penthouse – space formerly occupied by SecondMarket – with the ability to grow into the rest of the building, which is owned by Clarion Partners and William Macklowe Company.

Asking rents at the six-story, 90,000-square-foot building were in the low $80s per square foot, sources said.

Pivotal Labs secured $253 million in new funding from Ford in May, at a $2.8 billion valuation.

A Cushman & Wakefield team of Mitch Arkin, Haley Fisher, Adam Nelson and Pierce Hance represented Clarion Partners. Ed Wartels and Jane Roundell of Cresa represented Pivotal. Jim Wenk, Paul Formichelli and Kirill Azovtsev of JLL negotiated the option floors on behalf of SecondMarket.

Correction: A previous version of this story incorrectly identified the deal as a sublease. It was actually a new lease. 

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