Brian Helmkamp of Code Climate (Code Climate, L&L Holding Company)
A software company has found a more permanent home with an L&L Holding Company property in the Financial District.
Code Climate takes up about 42,000 square feet at 195 Broadway, the Commercial Observer reported. The company’s lease for the 20th floor of the building is for 10 years and the asking rent was $55 per square foot.
L&L’s Andrew Wiener represented the company in the deal, while a Colliers team including Michael Thomas and Taylor Bell represented Code Climate.
The lease comes as the software company moves from temporary digs to 54 West 21st Street.
The space was originally built for coworking company Knotel, according to the Observer. But the company never managed to take the space before filing for bankruptcy and eventually being sold to Newmark.
Wiener said Code Climate was “attracted to the fact that it was a whole new space built [that was] never busy.
Code Climate provides organizations with software to monitor engineering teams and initiatives. The company was founded in 2011 and has secured over $50 million in funding. Instacart, Skillshare and JLL are among the firm’s clients.
In 2019, JPMorgan Asset Management signed a pair of contracts to split ownership between the fee position and a lease on the 1.1 million square foot building. L&L, which already owned 5% of the property, agreed to buy JPMorgan’s 95% stake, along with an investment group made up of Korea Investment & Securities, headquartered in Seoul, and Samsung.
In October, home-buying startup Orchard Technologies signed a 10-year lease for 107,000 square feet in the Financial District building. The lease comprised two whole floors and a partial floor and included “significant free rent”.
[CO] — HoldenWalter Warner
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