July 10, 2013 05:30PM
Israeli financial technology firm Fundtech will open its first New York City office at Union Investment’s 140 Broadway in the Financial District, according to data from CompStak.
Fundtech — which assists banks and corporations with financial services, including payments and liquidity management — will take 26,206 square feet at the 1.17 million-square-foot office building, located between Cedar and Liberty streets.
Harry Helmsley built the tower in 1967, and its tenants include CBRE, Jones Lang LaSalle and anchor tenant Brown Brothers Harriman. Union bought the building in 2004 from Silverstein Properties for $455.6 million, city records show.
Fundtech will pay roughly $50 per square foot in the ten-year deal at the building, where asking rents were around $70 per square foot, the CompStak data shows.
Louis D’Avanzo, a Cushman & Wakefield vice chairman who along with colleagues Robert Constable and Willard Overlock serves as an exclusive leasing agent at the building, said that “140 Broadway offers an environment that is well-suited for Fundtech, a leading financial technology company.”
Newmark Grubb Knight Frank’s Hal Stein and Todd Stracci represented Fundtech in the deal, but weren’t immediately available for comment.
Fundtech was looking for about 20,000 square feet in the building, but made the bigger commitment in exchange for larger rent concessions, a source familiar with the deal told The Real Deal. It will receive about eight months of free rent on 20,000 square feet of the space, and about a year on the extra 6,000 square feet.
Fundtech currently has several offices across the U.S., including in Jersey City, N.J.
The Hamburg, Germany-based Union has a multinational real estate portfolio, but 140 Broadway appears to be its only New York asset. Representatives from Union were not immediately available for comment.