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

Atlassian is moving into the former ABC Carpet building

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

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions