A subsidiary of enterprise software giant SAP has signed a short-term renewal deal for its 32nd-floor space in the Grace Building, ahead of the firm’s planned relocation to Hudson Yards.
Software developer Sybase will remain in its 31,285-square-foot space at 1114 Sixth Avenue at 43rd Street through March 2016, a company spokesperson confirmed. Sybase will pay an agreed-upon rent in the low $90s per square foot — up from the mid-$50s per square foot the firm agreed to pay in the last lease, signed in 2004.
Alexander Chudnoff and Scott Vinett of Jones Lang LaSalle represented Sybase in the deal, while Duncan McCuaig represented landlord Brookfield Office Properties in-house, according to the New York Observer.
Once the deal expires, the subsidiary — along with parent company SAP — will relocate to the Related Companies’ Hudson Yards. SAP, which signed a lease for the 42nd through 47th floors of the South Tower beginning in 2015, will lease over 144,000 square feet in total. [NYO] — Julie Strickland