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

Atlassian is moving into the former ABC Carpet building

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
Hana Ranch in Maui. (Sotheby's International)
Mammoth Maui cattle ranch hits market for $75M
Mammoth Maui cattle ranch hits market for $75M
Saratoga County Homestead (Facebook, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
From left: Alice Technologies founder and CEO René Morkos; Join CEO Andrew Zukoski (LinkedIn/René Morkos, LinkedIn/ Andrew Zukoski, iStock)
Construction tech startups Alice, Join score new commitments
Construction tech startups Alice, Join score new commitments
Yelp's Jeremy Stoppelman, Remote Work
Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
On the dock-et: Shelter Island inn owner sues town
On the dock-et: Shelter Island inn owner sues town
Carl Icahn and Rialto Capital’s Adam Singer (Getty Images. Rialto Capital, Illustration by Kevin Cifuentes for The Real Deal)
Carl Icahn goes to war against Rialto, CMBS servicers
Carl Icahn goes to war against Rialto, CMBS servicers
From left: Brookfield’s Brian Kingston and Hospitality Investors Trust's Jonathan P. Mehlman with Hilton Garden Inn Monterey (Brookfield, Hospitality Investors, Hilton)
Brookfield hotel REIT sues insurers for denying pandemic claims
Brookfield hotel REIT sues insurers for denying pandemic claims
Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
arrow_forward_ios

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

Loading...