Normandy inks 34K sf lease with red-hot software company at 888 Broadway

Atlassian is moving into the former ABC Carpet building

TRD New York /
Jul.July 30, 2018 05:20 PM

888 Broadway and Normandy’s Finn Wentworth (Credit: Google Maps and Normandy)

An Australian software company that counts SpaceX and NASA as clients is moving into Normandy Real Estate Partners’ conversion of the ABC Carpet & Home building into high-end offices.

Atlassian, which has a market capitalization of roughly $15 billion after going public in 2015, signed a lease for almost 34,000 square feet on the third floor of 888 Broadway, according to Compstak.

Starting rent in the 10-year deal was north of $100 per square foot, Compstak’s data shows. Atlassian signed the lease in the first quarter of this year, but the deal has not been reported.

Representatives for the company could not be immediately reached. Normandy did not respond to requests for comment.

The developer bought the Flatiron District property in December for $133 million, and earlier this year kicked off a $40 million plan to convert the third through sixth floors of the building into pricey office space.

Neil King and Paul Amrich at CBRE are handling leasing at the building. They declined to comment through a spokesperson. JLL’s Steven Rotter represented Atlassian in the negotiations and couldn’t be immediately reached.

Atlassian’s website lists its New York City office at 55 Broadway in the Financial District. The offices appear to be the former headquarters of project-management company Trello, which Atlassian acquired early last year for $425 million.

Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar saw their net worth soar as the company’s stock surged earlier this year, propelling them onto Bloomberg’s list of the world’s 500 richest people. They’re each worth $4.8 billion, according to Forbes.

Farquhar, 37, reportedly holds the record for Australia’s most-expensive home. Last year he paid $71 million to purchase a 23,000-square-foot waterfront mansion in a suburb of Sydney.


Related Articles

arrow_forward_ios
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...