Newmark Grubb Knight Frank (NGKF) announced the completion of a seven-year lease for 26,242 s/f with Orchard Platform at 386 Park Avenue South.
NGKF President of the New York Tri-State Region David Falk, Senior Managing Director Eric Cagner and Associates Alex Leopold and Jon Franzel represented the landlord, HSR Corp., in the transaction. Senior Managing Director Robin Fisher and Associate Christie Bennett of NGKF represented the tenant. The asking rent for the space was $70 psf.
Orchard is relocating from a 7,000 s/f office at 101 Fifth Avenue to accommodate the company’s rapid growth. They are a leading technology and data provider to the online lending industry.
“Orchard’s significant expansion needs are reflective of the company’s unique value proposition and current growth of the FinTech industry,” said Fisher. “
They are among several companies in the sector that have experienced dramatic headcount growth and increased influence over the last few years.”
“Orchard’s lease is just another example of the demand for pre-built space that can be occupied immediately for rapidly growing companies. 386 has met those needs with a smart design coupled with a quality build-out,” said HSR Corp. Principal Harvey Fung.
“386 Park Avenue South continues to attract best in class progressive tenants with its enormously successful pre-build program,” said Cagner. “Orchard is a terrific company that we are thrilled to add to this growing tenant roster, which includes IPG, NewsCred, AwesomenessTV, Karhoo and PopSugar, to name a few.
“We have two floors remaining in this building, both of which boast above standard pre-build finishes that include glass-fronted meeting rooms, expansive modern cafes, polished concrete floors and exposed ceilings with modern lighting throughout.”