IBM Expands With 3-Floor Lease At 19 Union Square West
IBM is expanding its presence in the Union Square area.
The legendary computing company has signed a lease for the ninth through 11th floors of 19 Union Square West, at the corner of Union Square West and East 15th Street, the New York Post reports. The company will be transitioning from a 9K SF sublease with daily fantasy sports operator FanDuel to a nearly 28K SF presence for its engineering and technology operations.
The building's owner, ABS Partners, represented itself in the lease, for which asking rent was $80/SF, according to the Post. Carl Ericksen of CBRE represented IBM, which also occupies the entirety of 88 University Place just three blocks south — an office entirely managed by WeWork, in the first of the co-working giant's forays into "enterprise" management.
IBM recently broke its streak of 22 straight quarters of declining revenue with a 1% inflation-adjusted gain in the fourth quarter. The turnaround came months after the company announced plans to terminate its remote work policy — a decision that may correspond to the expansion at 19 Union Square West.
