International commercial real estate services firm Studley today announced that Sapient Corporation (NASDAQ: SAPE), a global marketing and technology services firm, is merging its New York City operations and has signed a 10-year, 52,000-square-foot lease at 40 Fulton Street in Lower Manhattan.
The company will be consolidating two existing Midtown locations into one unified space downtown. Currently located at 1 Penn Plaza, a Vornado Realty Trust building, Sapient occupies two spaces on the 24th floor totaling 21,000 square feet. After acquiring Nitro Group in 2009, an award-winning advertising agency, Sapient added Nitro’s 20,000 square foot office space at 215 Park Avenue South to its New York City operations.
Studley’s William Montana, Ben Nottingham and Ryan McKinney represented the tenant, along with Robert Richards of Richards, Barry, Joyce & Partners in Boston.
”With year-over-year services revenue growth of 29%, the company wanted to merge its New York City operating divisions to one central location for synergy and to accommodate future growth,” said Mr. Montana. “Because Sapient enjoyed a strong relationship with Vornado, it was a natural decision to continue their growth within the Vornado portfolio.”
40 Fulton Street is a 242,000-square-foot, Class A office building located across the street from the South Street Seaport and its charming historic district with distinctive cobblestone paved streets. The area is similar in feel to Boston’s Back Bay area where Sapient’s global headquarters is located.
Sapient initially is leasing three base floors and one tower floor. As an anchor tenant, the company will have prominent signage on the exterior of the building and inside the lobby. Sapient plans to create an innovative, collaborative working environment reflecting the distinct cultures and aesthetic sensibilities of its two main operating divisions: SapientNitro and Sapient Global Markets. Sapient’s 22nd tower floor will serve as a client service and conference center with sweeping views of the East River, all three bridges, downtown Brooklyn, and the Seaport Historic District.
Sapient was also drawn to Lower Manhattan because of the transformation the area has seen in recent years. “We appreciate how the downtown area has evolved from a 9 to 5 business district into a vibrant area with residential buildings, hotels, dining, fine shopping and excellent access to the waterfront,” said Hank Summy, SVP and New York managing director of SapientNitro, its integrated marketing services division. “With the help of Schwartz Architects, we plan to create an open, creative work environment to inspire employees and clients alike.”
Added Chip Register, SVP and managing director of Sapient Global Markets, “For Global Markets, we’re thrilled to not only be part of a transforming Lower Manhattan district but one that is steeped in history and within close proximity to the heart of Wall Street, where many of our investment banking, regulatory and clearing agency clients are located. The new space will give clients a world-class visiting experience suitable to the Sapient brand.”
“Our client was attracted to the area because of the evolving tenant base that not only includes the long-time finance and insurance firms but has expanded to a broad-based, diversified community that includes the creative and media industries,” added Mr. Montana. “The close proximity to the new Fulton Street Transit hub will allow easy access to clients and employees throughout the city.”
The company is expected to move into its new New York City headquarters by September 2011.
Vornado Realty Trust was represented by Ron LoRusso.