Fintech firm Abacus Group, which provides IT services and cloud computing solutions to the alternative investment industry, has signed a lease renewal to expand its New York City headquarters to more than 13,000 s/f at The Durst Organization’s 655 Third Avenue.
The deal, brokered by Savills Studley and The Durst Organization, nearly doubles Abacus’s footprint in the Midtown East building.
“We identified contiguous, off-market space, and were able to create an expansion opportunity that was timed perfectly with Abacus Group’s growth plans,” said Savills Studley Senior Managing Director Zev Holzman, who represented Abacus alongside members of Savills Studley’s Integrated Consulting Strategies practice.
“The landlord will turnkey the space to seamlessly blend into Abacus’s existing offices, creating the perfect home for the company’s expansion.”
“Abacus is part of our growing tech community at 655,” said Ashlea Aaron, Senior Managing Director of Leasing at The Durst Organization. “We take tremendous pride when companies expand within our portfolio and we look forward to working and growing with Abacus for decades to come.”
Renovations are currently underway with construction expected to be complete by the end of 2018. The new space will provide break-out rooms, a conference room, storage space, private offices and almost double the amount of desks.
Abacus has occupied its current space totaling 7,015 s/f at 655 Third Avenue for the last five years, during which time its New York-based headcount has nearly doubled.
Founded in San Francisco in 2008, the company has grown into a global IT services firm, with seven offices across the U.S. and a Europe division based in London (UK).
“With our significant growth comes the need for a larger physical space for our most important assets – our employees – to call home during their workday,” said Abacus CFO Jonathan Bohrer.
“Our New York headquarters is the face of our company to the financial services community, and we are pleased with the new design that will serve our staff and clients well into the future.” Earlier this year, Abacus completed an expansion of its London office. This month, its Charlotte, NC, team moved into a new space that doubles its work capacity.