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Deals & Dealmakers

Adobe expands to 46,000 s/f in Midtown South

Clarion Partners and The Kaufman Organization, the managing and leasing agent for Clarion Partners’ 100-104 Fifth Avenue, announced that Adobe Systems has signed a 16,244 s/f, seven-year lease to expand its office space at the Union Square office tower.

The global tech firm will lease the full eighth floor of 100-104 Fifth Avenue, in addition to the fourth and fifth floors it currently occupies, for a total of 46,000 s/f.

“100-104 Fifth Avenue has consistently been a trendsetter in both the building’s retro-chic design and the forward-thinking tenants the property attracts,” said Margaret Egan, Senior Vice President with 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.”

“100-104 Fifth Avenue continues to be an attractive hub for leading tech firms in Midtown South,” said 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 that make the property a destination for creative, innovative and rapidly growing firms across a variety of industries.”

Greenspan and Michael Kaufman represented Clarion Partners, while Brian Given of Colliers International represented the tenant. Asking rent was in the high $80’s psf range and Adobe is expected to take occupancy in early fall 2018.

There is currently a 23,000 s/f duplex space with outdoor terrace available in the near-term on the 16th and 17th floors.

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