The non-profit organisation Pursuit Transformation, which trains adults for careers in the technology sector, has signed a long-term lease for around 41,000 square feet in the Queens borough of New York. The organisation is moving its headquarters to Tishman Speyer's roughly 700,000-square-foot office complex The Jacx on Jackson Avenue in Long Island City. According to estate agency Newmark, which advised the tenant on the transaction, Pursuit will occupy the entire 14th and 15th floors of the building at 28-07 Jackson Avenue.
Location for new artificial intelligence institute
The lease coincides with an initiative by the State of New York. As announced by Governor Kathy Hochul, Pursuit is taking charge of the newly established AI Jobs Institute, which aims to train workers for roles in artificial intelligence. Nick Simmons, Chief Executive Officer of Pursuit, stated during the Governor's announcement that New York had the opportunity to set national benchmarks for how artificial intelligence creates new opportunities. He added that the institute is intended to bring together public leadership, industry expertise and community-based training so that New Yorkers can acquire the skills required for evolving labour market demands.
Daniel Levine, who represented Pursuit alongside David Falk for Newmark, emphasised that The Jacx provides the organisation with an excellent environment to support its ongoing growth. He noted that the new headquarters enables the organisation to further consolidate its strong presence in Long Island City while creating a workplace that supports its staff, mission and long-term objectives. Pursuit is relocating from its previous address at 47-10 Austell Place, also in Long Island City. The exact timeline for the move has not been disclosed.
Market environment and complex amenities
The parties did not disclose the precise lease terms. According to market data from SquareFoot, average office rents in Long Island City range between $30 and more than $100 per square foot. The landlord, Tishman Speyer, was represented internally on the deal by Megan Sheehan.
The Jacx consists of two office towers, where retail group Macy's also occupies office space, among others. The development offers tenants modern amenities designed for a high-quality environment:
- —A landscaped terrace on the fifth floor connecting both towers
- —A landscaped rooftop terrace with views across the city
- —An on-site café with a lounge area
- —Bicycle storage and shower facilities for commuters
With this transaction, Tishman Speyer strengthens the occupancy of the Queens property, while Pursuit expands its capacity within New York's technology sector.
