Savills Negotiates 26,000-Square-Foot Lease for NYC’s Leading VC Firm Primary at 386 Park Avenue South

NEW YORK (July 10, 2023) – Savills today announced that it successfully negotiated a 26,000-square-foot sublease on behalf of Primary at 386 Park Avenue South. The venture capital firm, founded in 2015, will relocate 40 employees to the entire 13th and 14th floors of the NoMad building in September 2023.

“Centrally located in one of Midtown South’s neighborhoods, Primary’s new home at 386 Park Avenue offers the company a meticulously designed and fully built space aimed to emphasize its collaborative spirit, strong culture, and focus on employee well-being,” said Shay Bolton, corporate managing director, Savills. “With the guidance of our Savills team, Primary successfully finalized the terms for this sublease, allowing its executives and workforce to be housed in a state-of-the-art environment reflective of the company’s brand.”

“This is a big moment in the history of Primary,” says General Partner Jason Shuman, who specializes in built world and proptech, with investments in Naya Homes, Realm, Flock, and Latch. “We were the first firm to plant our flag in the city, now we’re reaffirming our commitment to the startup community with an event space and a whole floor where our PrimaryLabs incubation team will get entrepreneurs started on completely new ideas.”

Primary is a leading seed stage venture firm based in New York City, with a billion in assets under management and 8 unicorns born out of its first 35 investments.

Bolton, along with Jim Wenk, vice chairman, and Kirill Azovtsev, executive managing director, represented Primaryin its five-year sublease.