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New York

SAP unit inks renewal in Brookfield’s Grace Building

From left: JLL's Alexander Chudnoff, Scott Vinett and 1114 Sixth Avenue
From left: JLL's Alexander Chudnoff, Scott Vinett and 1114 Sixth Avenue

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.

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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

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Grace BuildingHudson Yards