data analytics and intelligence company Palantir Technologies accepting life after that WeWork (WE) in 620 Avenue of the Americas.
Palantir signed a contract directly with the landlord last month. RXR It will update 140,345 square feet of the landmark Chelsea building, according to a source familiar with the deal and the transaction. Market report by coal mine.
A Palantir spokesperson did not respond to a request for comment. RXR declined to comment.
The lease term and other transaction terms are unknown, but recent transactions for the building include Desired rent is $100 or more per square footas Commercial Observer previously reported.
WeWork set up shop in the seven-story Beaux-Arts building in 2019, leasing 212,387 square feet across the property. Entire 3rd, 6th, and 7th floors. The co-working giant then signed a deal to transfer all locations within the facility to Palantir and the banking app. the current Two private office contracts that WeWork calls “enterprises.”
Both Current and Palantir are now moving into direct deals to maintain their facilities following WeWork’s November bankruptcy. As previously reported by CO.
When the coworking company filed for bankruptcy last year, it wasn’t exactly a curve ball, and a little foresight helped make it happen, according to RXR’s chairman and CEO. scott rechler.
“We were pretty constructive in the early stages,” Rechler said in an interview. After being named to Commercial Observer’s 2024 Power 100 list. “The night before they filed for bankruptcy, we entered into a universal agreement with them that allows us to go directly to the tenants who are occupying their space.”
The deal with Palantir took about eight months to close, the people said, but the decision spared at least one of RXR’s properties from the impact WeWork’s bankruptcy had on the New York office market. That’s what it means.
RXR wasn’t so lucky 75 Rockefeller Plazawhere WeWork asked for permission to deny the lease.according to U.S. Bankruptcy Court records.
Newmark (NMRK)‘s michael morris and commercial real estate sourcing‘s sebastian infante The person co-brokered the deal with Palantir, said the person, who asked not to be named. It is unclear who was in charge of it at RXR. Morris did not immediately respond to a request for comment, and Infante also declined to comment.
With additional reporting by Nicholas Rizzi
Abigail Nehring can be contacted at: anehring@commercialobserver.com.
