Health care fintech firm Cedar is quadrupling its headquarters with new digs in Tribeca.
Cedar’s new pad, which is nearly four times the size of its current 17,000-square foot space at RFR’s 95 Morton Street in the West Village, is a sign of strength in Manhattan’s struggling office market, where availability hit a record high of about 17 percent in recent months as rents fell.
The lease also points to companies’ confidence that return-to-office plans will survive the Delta variant. A national survey of 1,000 adults conducted over three weeks this summer by market research company Morning Consult found the majority of workers had already returned to the office, the New York Times reported. Of those still working from home, 19 percent said they would be back in the office in September and 2 percent in October.
Office workers reporting a November or December return date rounded to zero; and only 1 percent said they expected to be back at work in 2022.
The Manhattan picture is not as rosy, as just 23% of office workers are back at their desks, according to a Partnership for New York City survey released Wednesday. Employers expect 41 percent of office workers to be back by Sept. 30, down from their prediction of 62 percent three months ago.
Cedar’s expansion follows its $200 million Series D funding and acquisition of health-tech company OODA Health, both in March.
Florian Otto, CEO and co-founder of Cedar, said in a statement that the move, along with the firm’s recent expansion into San Francisco and Salt Lake City, “is reflective of our significant strategic growth that will allow us to accommodate our growing headcount
and accelerate investment in new technologies and products.”
Rudin’s 27-story, 549-foot-tall telecommunications building also got a 5,148-square-foot lease expansion with Dorilton Capital. The private investment firm, which has been in the building since 2017, will occupy 38,600 square feet, including the entire 26th floor and portions of the 17th and 27th floors.
“Cedar’s arrival and Dorilton Capital’s expansion can be attributed to the strength of the New York City business community, the quality of the building, and our reputation as long-term owners who are committed to our tenant’s needs and the surrounding Tribeca neighborhood,” Michael Rudin said in a statement.