1250 Broadway
NEW YORK CITY—The world's largest translation and technology company is bringing its headquarters to Global Holdings Management Group's office tower at 1250 Broadway. Under a 15-year lease, TransPerfect will occupy 123,516 square feet across five full floors including the fourth through the seventh and the thirty-second floor. The company will also have its own private ground-floor lobby and entrance. A source with knowledge of the deal tells GlobeSt.com that the asking rent was $80 per square foot.
TransPerfect is expected to move from its current offices at 3 Park Avenue in the fourth quarter of 2019. The company offers translation services for more than 170 languages in over 90 cities on six continents.
NOMAD Tower was represented by JLL's Paul N. Glickman, Mitchell Konsker, Benjamin Bass, Diana L. Biasotti and Harley Dalton. Craig Panzirer represented Global Holdings Management Group in-house. CBRE's John Isaacs, Christopher Mansfield and Peter Gamber, with Rob Kulik of Real Broker LLC represented TransPerfect.
Glickman points out that the 727,000 square-foot glass and steel office tower's Nomad location was one of its selling points. Plus, its tenant-only amenities include a lounge and two-story amphitheater with approximately 100 seats.
Of the company's 5,000 employees worldwide, over 800 are located in New York City. “TransPerfect's commitment to growing our business in New York City is steadfast and resolute. To support that growth, we needed to choose a new location for our headquarters that would provide us the space we need now and also the opportunity for future growth,” says TransPerfect president and CEO, Phil Shawe. He highlights the Midtown location has convenient commuting options and is close to clients.
Shawe also says the trendy neighborhood helped in their selection. ”TransPerfect is a 27-year-old industry leader with the energy of a start-up,” he adds.
In November 2016, Global Holdings purchased the 39-story building at 1250 Broadway from a joint venture of Jamestown, MHP Real Estate Services and David Werner Real Estate for $565 million according to Real Capital Analytics. The skyscraper was originally constructed in 1970. It is now at the end of a more than $50 million capital improvement campaign and repositioning.
TransPerfect is the second tenant to sign a major lease at the building following Zillow Group's lease of 130,000 square feet in late 2018. Other building tenants include Transactis, Veritex Corp., Spectrum and Marble Ridge.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
