NoMad Office Building Lands 65,600 SF in New Leases with Tech and VC Tenants

Manhattan's NoMad district continues to attract technology and investment firms, as evidenced by four new lease agreements totaling more than 65,600 square feet at 386 Park Avenue South. The transactions, brokered by Newmark on behalf of the landlord, represent another vote of confidence in Midtown South's enduring appeal to growth-oriented companies.

The two largest deals at the property were nearly identical in size, with both Primary Ventures and Sigma Computing each taking 26,252 square feet. Primary Ventures, a venture capital firm focused on early-stage investments, secured space on the 13th and 14th floors of the building. Sigma Computing, a cloud-based analytics and business intelligence platform, matched that commitment across the 5th and 6th floors, relocating from Zero Irving where it had signed a 15,420-square-foot lease in 2022. Modern FL, a U.K.-based furniture and lighting firm, added 13,121 square feet on the 9th floor, while coworking operator Industrious rounded out the activity with a 23,000-square-foot commitment announced February 24, 2026.

Key Details

The leasing activity at 386 Park Avenue South underscores several notable patterns in the current Manhattan office market:

• Primary Ventures signed for 26,252 square feet on the 13th and 14th floors, reinforcing the building's appeal to financial services and investment firms
• Sigma Computing matched the 26,252-square-foot commitment on the 5th and 6th floors, highlighting continued demand from enterprise software companies
• Modern FL, a U.K.-based furniture and lighting firm, took 13,121 square feet on the 9th floor
• Industrious, the coworking firm, added 23,000 square feet in a deal announced February 24, 2026
• Newmark represented the landlord in the transactions; JLL represented Modern FL
• The property is located in the NoMad neighborhood, where Midtown South office asking rents averaged $84.77 per square foot in the fourth quarter of 2025

According to Commercial Observer, the building has successfully attracted a diverse mix of tenants seeking modern office accommodations in a centrally located neighborhood with strong transit access and amenities.

Market Impact

These transactions offer several insights for commercial real estate professionals tracking Manhattan's recovery trajectory. First, the equal footprint secured by both tenants suggests a growing preference for right-sized spaces that balance collaboration needs with cost discipline—a trend that has defined post-pandemic leasing strategies.

Second, the concentration of venture capital and technology tenants at 386 Park Avenue South reflects NoMad's emergence as a preferred alternative to traditional Midtown and Financial District locations. The neighborhood's blend of historic architecture, converted loft-style buildings, and proximity to Madison Square Park has created a distinct value proposition for companies seeking to attract and retain talent.

For landlords and investors, these deals demonstrate that well-positioned assets with modern infrastructure continue to command tenant interest, even as the broader office market navigates elevated vacancy rates. The involvement of Newmark in securing these commitments also highlights the importance of experienced brokerage representation in a competitive leasing environment.

Looking ahead, industry observers should monitor whether similar mid-sized transactions continue to dominate Manhattan leasing activity, potentially signaling a shift away from the large-scale headquarters relocations that characterized the pre-2020 market.