Foursquare inks 10-year deal at 568 Broadway

December 06, 2011 08:39AM

New York City-based tech company Foursquare has officially inked a deal to sublease 56,000 square feet from Scholastic at 568 Broadway for 10 years, since it has wildly outgrown its current headquarters at 36 Cooper Square, the Wall Street Journal reported.

“We tried using the kitchen. We tried using the eating room [as office space]. We have staff everywhere right now,” said Derek Stewart, finance and operations manager for Foursquare, who found the Broadway space with the help of Sean Black, a vice president at Jones Lang LaSalle.

As previously reported, Foursquare beat out another tech giant, Turmblr, for the space on the corner of Prince Street, which already boasts ZocDoc as a tenant. The lease, originally reported by the Observer, had originally been thought to be a temporary two-year agreement. It was not immediately clear why Foursquare has chosen to opt for a longer term.

As for why the company chose Soho for their new headquarters, Stewart said: “We definitely thought about expanding to Midtown or the West Side Highway. This is where we thought our employees would be the happiest.” [WSJ]