Peregrine Expands to New York City, Opening Office in the Flatiron District
San Francisco’s data intelligence platform Peregrine is set to make its mark in New York City by opening its first East Coast office in the vibrant Flatiron District. This strategic move reflects the company’s ambition to extend its reach while leveraging the engineering talent that New York has to offer.
Details of the New Office Lease
Peregrine has secured a lease for 9,505 square feet on the entire third floor of the iconic 104 Fifth Avenue, a property owned by Sovereign Partners. Though the duration of the lease remains undisclosed, the property has an asking rent of $90 per square foot.
Significance of the Expansion
As the company only operates one other office at 71 Stevenson Street in San Francisco, this opening marks a significant milestone in Peregrine’s growth trajectory. CEO and co-founder Nick Noone expressed enthusiasm about this expansion, stating, “Opening our doors in New York is a lighthouse moment for Peregrine. New York is home to exceptional engineering talent, and we’re excited to tap into the city’s energy and connect world-class engineers with opportunities to build cutting-edge software that helps solve the most critical problems for the world’s most important organizations at scale.”
Workforce Plans and Office Opening Date
Anticipating growth, Peregrine expects to employ over 350 individuals by the year’s end, with plans to accommodate up to 100 employees in the new New York office, which is slated to open on April 15.
Building Renovations and Other Tenants
In 2023, Sovereign Partners acquired the 20-story Fifth Avenue building for $126.5 million and has since conducted renovations, enhancing features such as lobbies and elevators. Notably, this building also houses well-known companies like Apple, Adobe, real estate brokerage Brown Harris Stevens, and digital marketing firm Red Ventures.
Brokerage and Deal Representation
The lease deal for Peregrine was brokered by CBRE, with representatives Jared Isaacson, Ryan Alexander, and Jeffrey Frenkel facilitating the transaction. On the landlord’s side, Newmark was represented by David Falk, Daniel Levine, and Paige Raisides.
While Newmark declined to comment, spokespeople for CBRE and Sovereign Partners have not yet responded to our inquiries regarding the deal.