TrueFacet, the leading online destination to buy and sell pre-loved designer jewelry and watches, has committed to an office lease at 530 Seventh Avenue. TrueFacet is relocating its corporate offices from 1412 Broadway to the boutique office property, located in the heart of the Garment District.
The Savitt Partners team of Nicole Goetz, Brian Neugeboren and Bob Savitt represented the building ownership in the lease negotiations. Alex Leopold and Eric Cagner of Newmark Grubb Knight Frank (NGKF) represented TrueFacet in the transaction.
“After a thorough market evaluation with our NGKF team, we chose 530 Seventh Avenue because Bob Savitt and Savitt Partners uniquely understand the needs of a rapidly growing technology company,” says TrueFacet CEO Tirath Kamdar. Since its launch in 2014, TrueFacet has achieved sales growth of 120% quarter over quarter. The site currently lists over 70,000 jewelry and watch items by top brands including Tiffany & Co., Cartier, Rolex, Van Cleef and Arpels, Patek Philippe, and more. Most recently, TrueFacet announced a $6 million round of funding, led by Maveron LLC.
“TrueFacet sought a new office space that would require minimal up-front CAPEX, flexibility for future growth and an environment that would enhance their healthy workplace culture to recruit and retain elite talent,” added Leopold. “Ownership has agreed to construct a new high-end creative installation that is representative of TrueFacet’s culture and luxury brand identity while surpassing their defined economic and operational objectives.”
Based in New York, TrueFacet is the online destination for pre-loved designer jewelry and watches where individuals can shop and sell with confidence. Every item is best priced and subject to a rigorous authentication process. The company was founded by Tirath Kamdar and Chris Chan in December 2013 in New York, and launched in May 2014. TrueFacet is a venture-backed company; supported by top VC’s including Maveron, Freestyle, Trilogy, Social Leverage, Liquid 2 Ventures, and Founders’ Co-op, along with several Angel investors. To learn more, visit: www.TrueFacet.com.
About 530 Seventh Avenue
Built in 1930, 530 Seventh Avenue has been updated with wood and concrete floors and soaring loft-like ceilings, featuring some of the most spectacular views of the city. The property is also home to The Skylark, a classically-styled cocktail lounge for entertaining, and Space 530, the full service co-working environment for innovative brands and creative companies seeking unique office and showroom space, offering a range of flexible options - members enjoy a place to co-work, network and build their business. The building is Wired Certified Gold. A Wired Certified Gold building offers tenants choice of multiple high-speed broadband providers and features an innovative and cutting-edge telecommunications system.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.