NEW YORK, September 24, 2018 – Fintech firm Abacus Group, which provides IT services and cloud computing solutions to the alternative investment industry, has signed a lease renewal to expand its New York City headquarters to more than 13,000 square feet at The Durst Organization’s 655 Third Avenue. The deal, brokered by Savills Studley and The Durst Organization, nearly doubles Abacus’s footprint in the Midtown East building.
“We identified contiguous, off-market space, and were able to create an expansion opportunity that was timed perfectly with Abacus Group’s growth plans,” said Savills Studley Senior Managing Director Zev Holzman, who represented Abacus alongside members of Savills Studley’s Integrated Consulting Strategies practice. “The landlord will turnkey the space to seamlessly blend into Abacus’s existing offices, creating the perfect home for the company’s expansion.”
“Abacus is part of our growing tech community at 655,” said Ashlea Aaron, Senior Managing Director of Leasing at The Durst Organization. “We take tremendous pride when companies expand within our portfolio and we look forward to working and growing with Abacus for decades to come.”
Renovations are currently underway with construction expected to be complete by the end of 2018. The new space will provide break-out rooms, a client-focused conference room, increased storage space, more private offices and almost double the amount of desks in an open-concept design.
Abacus has occupied its current space totaling 7,015 square feet at 655 Third Avenue for the last five years, during which time its New York-based headcount has nearly doubled. Founded in San Francisco in 2008, Abacus has grown into a global IT services firm, with seven offices across the U.S. and a Europe division based in London (UK). The New York headquarters is its largest office, strategically located within walking distance of most of its Midtown-based clients and close vicinity to Grand Central Terminal, providing both efficient commuting for employees and easy access to clients based in Westchester County.
“With our significant growth comes the need for a larger physical space for our most important assets – our employees – to call home during their workday,” said Abacus CFO Jonathan Bohrer. “Our New York headquarters is the face of our company to the financial services community, and we are pleased with the new design that will serve our staff and clients well into the future.”
Over the last 10 years, Abacus has become known as a leader in its industry, specializing in providing hosted IT solutions for hedge funds, private equity firms and family offices. So far in 2018, Abacus reports 20% growth in revenue (year-over-year), a 23% increase in number of end-users on its flagship IT-as-a-Service product, AbacusFLEX™, and a 28% increase in number of client firms on its cloud platform.
Earlier this year, Abacus completed an expansion of its London office. This month, its software development team in Charlotte, NC, moved into a new space that doubles its work capacity.
Abacus continuously receives industry recognition, including recently winning “Best Tech Infrastructure Provider” and “Best Use of Cloud Technology” categories at the 2018 HFM US Hedge Fund Services Awards. The company ranked on the 2018 Inc 5000 list of America’s fastest-growing private companies, with three-year revenue growth of 90 percent, and was ranked #1 on Crain’s Best Places to Work in New York City list in 2014.
About Abacus Group
Abacus Group, LLC is a leading provider of hosted IT solutions and service focused on helping alternative investment firms by providing an enterprise technology platform specifically designed for the unique needs of the financial services industry. The innovative and award-winning Abacus Cloud platform allows investment managers to source all technology needs as a service, offering the capacity to scale on demand to meet current and future cybersecurity, storage and compliance requirements. The company has offices in New York, NY; San Francisco, CA; Boston, MA; Dallas, TX; Greenwich, CT; Los Angeles, CA; Charlotte, NC; and London, England. For more information, visit www.abacusgroupllc.com.
About Savills Studley
Savills Studley is the leading commercial real estate advisory firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive platform includes brokerage, project management, capital markets, consulting and corporate services. With 31 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 36,000 professionals and more than 600 offices in over 60 countries around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on LinkedIn and Twitter @SavillsStudley.
About The Durst Organization
The Durst Organization, founded in 1915 by Joseph Durst, is the owner, manager and builder of 13 million square feet of premiere Manhattan office towers and 1,950 residential rental units with 3,400 in development. The Durst Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential buildings. www.durst.org
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Laura Scott/Articulate Communications