Software firm takes 44K sf at 636 Sixth

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

TRD NEW YORK /
Nov.November 07, 2016 02:40 PM

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. 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

CBRE CEO Robert Sulentic (Credit: Getty Images, iStock)

CBRE plans cuts to NYC tech team

Joe Moinian and 90 Washington Street (Credit: Google Maps, iStock)

Moinian sued for charging market-rate rents despite tax break

An illustration of Chairman of Starwood Capital Group Barry Sternlicht (Credit: iStock)

Sternlicht on retail’s woes: Tenants have done “incredibly shitty job” running stores

Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)

Judge deals another blow to Two Bridges towers

RFR Realty's Aby Rosen, 900 Third Avenue, and Paramount's Albert behler (Credit: Getty Images, Google Maps)

Aby Rosen in talks to buy Paramount’s East Side tower for $400M

arrow_forward_ios
Loading...