Adobe Expands Office Space at 100-104 Fifth Ave.
The computer software firm has increased its space to 46,000 square feet at Clarion Partners’ Union Square office building.
NEW YORK CITY—Adobe Systems has signed a seven-year lease for 16,244 square feet of office space at 100-105 Fifth Ave. The multinational computer software company, the property owner Clarion Partners, and the managing and leasing agent the Kaufman Organization agreed that Adobe will lease the entire eighth floor in addition to the fourth and fifth floors that it currently occupies. Adobe will move into the new space in the fall of this year. Asking rent for the deal was in the high $80s per square foot.
This brings the San Jose-based software company to a footprint of 46,000 square feet at the Fifth Avenue building that stands between E. 17th and E. 18th streets. With the lease, the software powerhouse highlights the continued tech sector presence in the Midtown South area with its older building stock.
100-104 Fifth Ave. has consistently been a trendsetter in retro-chic design and with forward-thinking tenants, according to Margaret Egan, SVP at Clarion Partners. “We have invested significant capital in the building to ensure that its modern, state-of-the-art spaces fit the professional and aesthetic needs of such high-profile brands as Adobe,” she says.
The San Jose-based company, Adobe, is an industry leader in multimedia and creative software. In addition to its ubiquitous updates, its industry defining products include Photoshop, Acrobat Reader, Portable Document Format (PDF), Adobe Creative Suite and Adobe Creative Cloud. The firm also has extensive expertise in digital analytics and web optimization.
“100-104 Fifth Ave. continues to be an attractive hub for leading tech firms in Midtown South,” says Grant Greenspan, principal of Kaufman. “Adobe’s decision to remain and expand at the building is a testament to the location’s convenience, top-of-the-line technology infrastructure along with institutional ownership and management.”
Greenspan and Michael Kaufman of Kaufman represented Clarion Partners. Colliers International’s Brian Given represented the tenant. There is currently a 23,000 square-foot duplex space with an outdoor terrace soon to be available on the 16th and 17th floors.
Built in 1905, 100-104 Fifth Ave. is a 17-story, 270,000 square-foot office tower located in Union Square. The French Gothic building features a mix of creative and new media companies, advertising and architectural firms, educational companies and financial firms. Other major digital building tenants include Apple, Yelp, Interactive Partners and Net-A-Porter.