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Fintech firm Valon Technologies is moving its offices from the south side of Union Square to the north, Commercial Observer has learned.
Valon signed a five-year lease for 13,815 square feet on the fourth floor of Gordon Property Group’s 860 Broadway, according to landlord broker JLL (JLL). Asking rent was $68 per square foot.
JLL said the company will relocate from a coworking space at 88 University Place, two blocks south of Union Square between East 11th and 12th streets.
“Our unique portfolio of Midtown South properties is tailored towards innovative businesses seeking best-in-class space and a neighborhood experience that attracts employees to the workplace,” Tim Gordon, managing director of Gordon Property Group, said in a statement.
Seth Hecht and Thomas Swartz of JLL negotiated the deal on behalf of the landlord while Cushman & Wakefield (CWK)’s Michael Movshovich and Troy Elias represented the tenant in the transaction. C&W did not immediately respond to a request for comment.
The building was constructed in 1926 and from 1973 to 1984 served as one of the four locations of Andy Warhol’s Factory studio, where silkscreens and lithographs were made on the third floor and which became a well-known artist hangout. The space is now a conference room.
Valon was founded in 2019 by Andrew Wang and Jon Hsu, the same year that the Gordon Property Group initiated a renovation of the building.
Other tenants in the building include Kaltura, architectural firm Selldorf Architects and coworking provider Industrious.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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