Proptech Company Grows To Over 100K SF At L&L's FiDi Tower
A homegrown real estate technology company has inked a large expansion deal in Manhattan’s Financial District, another tick in the win column for the city’s embattled office market.
Orchard Technologies has signed a lease for 107K SF at L&L Holding Co.‘s 195 Broadway, Cushman & Wakefield announced. Orchard’s 200 New York-based employees will start to move into the space in 2022, and the company plans to hire hundreds more, according to a release.
This is a move downtown from its prior location, a Knotel flexible office at Westbrook Partners’ 31 West 27th St., a 144K SF office building in Midtown South.
The company moved from that location after Knotel's bankruptcy to a WeWork, the New York Post reported, but Orchard will now have a large space across three floors in a landmarked tower to call its own in a 10-year deal.
Orchard's neighbors at the roughly 1M SF 195 Broadway will include Omnicom Group, HarperCollins Publisher and Abrams Publishing. L&L, like all other office landlords in 2021, gave Orchard a chunk of free rent as part of the deal, which had an asking rent under $60 per SF, The Post reports.
Peter Trivelas and Gary Ceder of Cushman & Wakefield represented Orchard, and L&L Holding was represented by Andrew Wiener in-house. Wiener told the Post the building now has only three floors available after Orchard's deal after being fully leased prior to the pandemic.