{"id":351142,"date":"2021-10-11T01:04:01","date_gmt":"2021-10-10T22:04:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/real-estate-unicorn-orchard-technologies-moving-downtown\/"},"modified":"2021-10-11T01:04:01","modified_gmt":"2021-10-10T22:04:01","slug":"real-estate-unicorn-orchard-technologies-moving-downtown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/real-estate-unicorn-orchard-technologies-moving-downtown\/","title":{"rendered":"#Real estate &#8216;unicorn&#8217; Orchard Technologies moving downtown"},"content":{"rendered":"<p>&#8220;<strong>#Real estate &#8216;unicorn&#8217; Orchard Technologies moving downtown<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>Orchard\u00a0Technologies, a newly minted \u201cunicorn\u201d \u00a0that aims to simplify the home-selling-and-buying process, had its own odyssey finding a new home for its fast-growing business. The outcome: a welcome, 107,000 square-foot boost for the downtown office market.<\/p>\n<p>The four-year-old firm was working out of a 25,000-square-foot Knotel flex-space until Knotel went bankrupt early this year. <\/p>\n<p>Orchard relocated temporarily to a WeWork location on West 14th Street, but needed much more elbow room for its growing staff.<\/p>\n<p>Now, it\u2019s signed a lease on three floors at L&amp;L Holding Company\u2019s 195 Broadway, the landmarked \u201cwedding-cake\u201d tower between Fulton and Dey streets. <\/p>\n<p>Ironically, part of Orchard\u2019s new space was\u00a0originally built out for Knotel, which never took possession.<\/p>\n<p>Orchard achieved unicorn status earlier this month when it announced that it had raised \u00a0$100 million in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> D funding, lifting its total valuation to over $1 billion.<\/p>\n<p>It had major growth plans even before that and was urgently looking for a proper home.\u00a0 Cushman &amp; Wakefield\u2019s Peter Trivelas, who represented Orchard \u00a0with Cushman\u2019s Gary Ceder, said, \u201cWe started out looking at short-term subleases around Manhattan.\u201d But when they checked out \u00a0195 Broadway, L&amp;L \u201cgot creative\u201d and made them a better offer for a direct lease that dovetailed with Orchard\u2019s swift growth needs, Trivelas said.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/sized-195broadway1.jpg?quality=90&amp;strip=all\" alt=\"\" class=\"wp-image-19760704\" width=\"324\" height=\"453\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/sized-195broadway1.jpg?quality=90&amp;strip=all&amp;w=482 486w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/sized-195broadway1.jpg?quality=90&amp;strip=all&amp;w=321 324w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/sized-195broadway1.jpg?quality=90&amp;strip=all&amp;w=161 162w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/sized-195broadway1.jpg?quality=90&amp;strip=all 500w\" sizes=\"auto, (max-width: 324px) 100vw, 324px\"\/><figcaption>Orchard\u2019s leasing deal for three floors at the downtown tower includes some \u201cfree rent.\u201d<\/figcaption><figcaption><span class=\"credit\">Alan Schindler<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Orchard will have the entire 25th and 26th floors and part of the 24th. As is typical of today\u2019s market, the 10-year lease includes \u201csignificant free rent\u201d for a time, Trivelas said. <\/p>\n<p>\u201cThey won\u2019t pay for the full 107,000 square feet for several years.\u201d The firm won\u2019t move in all at once but rather in stages over the next year. The deal includes expansion options in the building.\u00a0 <\/p>\n<p>Trivelas said it has the option of terminating the lease if L&amp;L is unable to provide the additional space, but that\u2019s unlikely as the timing of several lease expirations at 195 Broadway coincides with the firm\u2019s expansion plans. The asking rent was in the mid-$50s per square foot.<\/p>\n<p>Most of Orchard\u2019s 200\u00a0employees have worked from home but will move into their new digs in January, Trivelas said. They\u2019ll enjoy river and skyline views, abundant light through large windows and proximity to fabled restaurant Nobu on the ground floor.<\/p>\n<p>L&amp;L leasing director Andrew Wiener said that 195 Broadway was fully leased pre-pandemic and only has three floors available now.<\/p>\n<p>\u201cThe beauty of this [Orchard] transaction is,\u201d Wiener said, \u201cthat we have a lease expiring at the end of 2022, which provided the additional space they needed\u201d starting in September of next year.<\/p>\n<p>Wiener confirmed the free-rent portion of the lease, which he described as \u201cmarket.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/195-Broadway-Retail-9694-HDR-Edit_PL_Retouch2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"An interior shot of 195 Broadway showing chandeliers and marble pillars\" class=\"wp-image-19758896\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/195-Broadway-Retail-9694-HDR-Edit_PL_Retouch2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/195-Broadway-Retail-9694-HDR-Edit_PL_Retouch2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/195-Broadway-Retail-9694-HDR-Edit_PL_Retouch2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Lovely architectural details at 195 Broadway will greet Orchard employees once they begin transitioning to on-site work there in January.<\/figcaption><figcaption><span class=\"credit\">Alan Schindler<\/span><\/figcaption><\/figure>\n<p>Other tenants at 195 Broadway\u00a0include Gucci (for its US headquarters), Omnicom and HarperCollins.<\/p>\n<hr class=\"wp-block-separator\"\/>Midtown\u2019s restaurant-reopening express barrels on. Ralph Lauren\u2019s Polo Bar, a favorite of the high-end real estate crowd, will greet customers to its main dining room on Oct. 12 for the first time since the great lockdown of March 2020.<\/p>\n<p>Although the Polo was recently used\u00a0for private events in its ground-floor lounge, Midtown movers and shakers yearned to return to its plush, see-and-be-seen underground dining room where \u201cRalph\u2019s famous\u201d corned beef sandwich was a top seller.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/polo-bar-151.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"An exterior shot of Manhattan's Polo Bar\" class=\"wp-image-19758901\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/polo-bar-151.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/polo-bar-151.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/polo-bar-151.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Polo Bar has hosted special events since COVID hit, but now the main dining room will again be open to eaters who want to grab a bite, starting Oct. 12.<\/figcaption><figcaption><span class=\"credit\">Google Maps<\/span><\/figcaption><\/figure>\n<p>The Polo\u2019s power crowd included elected officials, top\u00a0lawyers, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> titans,\u00a0and show business stars such as Gwyneth Paltrow and Kanye West. We once saw pre-presidential Donald Trump order a well-done steak and, true to form, bolt after only a few bites.<\/p>\n<hr class=\"wp-block-separator\"\/>A \u00a0previously announced new lease for accounting firm BDO USA vindicated Tishman Speyer\u2019s major redesign of the lobby and other public areas of 200 Park Ave., the former MetLife building.<\/p>\n<p>The 145,000-square-foot lease represents a consolidation of BDO\u2019s three Manhattan offices into a single location in the 3.1-million-square-foot tower, which Tishman Speyer has owned with Irvine Company since 2005.<\/p>\n<p>As we reported earlier, improvements to the massive, avenue-straddling tower include a restoration of the original lobby, a new visitor reception lounge and a streamlined pedestrian connection to Grand \u00a0Central Terminal.<\/p>\n<p>The Orchard Technologies and BDO USA deals came on the heels of a robust third-quarter Manhattan leasing season. <\/p>\n<p>CBRE reports that leasing surged over the second quarter and was the strongest performance since the pandemic\u2019s onset.<\/p>\n<p>Third-quarter leasing of 5.88 million square feet was up 70 percent from the second quarter \u2014 although, not surprisingly, 5 percent below the five-year quarterly average of 6.16 million square feet.<\/p>\n<p>Net absorption for the third quarter was up by 465,000 square feet \u2014 \u201chelping to chip away at historically high availability rates,\u201d said CBRE senior director of research and analysis Nicole LaRusso. \u00a0\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/10\/10\/real-estate-unicorn-orchard-technologies-moving-downtown\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Real estate &#8216;unicorn&#8217; Orchard Technologies moving downtown&#8221; Orchard\u00a0Technologies, a newly minted \u201cunicorn\u201d \u00a0that aims to simplify the home-selling-and-buying process, had its own odyssey finding a new home for its fast-growing business. The outcome: a welcome, 107,000 square-foot boost for the downtown office market. The four-year-old firm was working out of a 25,000-square-foot Knotel flex-space until&#8230;<\/p>\n","protected":false},"author":1,"featured_media":351143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/newspress-collage-19756523-1633903296504.png?w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[117306,83677,72881,117333,95951,117334],"class_list":["post-351142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-10-21","tag-cbre","tag-commercial-real-estate","tag-cushman-wakefield","tag-ralph-lauren","tag-the-polo-bar"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/351142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=351142"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/351142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/351143"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=351142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=351142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=351142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}