Los Angeles-based ad sales automator Rubicon Project inked a 5-year, 12,358-square-foot lease to move its offices across the street to 180 Madison Avenue in Midtown, Commercial Observer has learned.
The new lease with asking rents of $57 per square foot at the 24-story, 200,000-square-foot building where the company has already moved into the entire 14th floor gives the firm an upgrade over its previous partial-floor space at 183 Madison Avenue, said Savills Studley broker Allyson Bowen, Rubicon’s representative in the transaction.
“This move allows Rubicon Project to significantly grow its New York City operations,” Ms. Bowen said in a prepared statement, adding that the city is “the epicenter of global advertising.”
Rubicon signed a 5-year lease at the building across the street in 2012, Commercial Observer previously reported, but the firm subleased the space to accommodate growing staff.
Prudential Real Estate Investors owns the property on behalf of investors in one of its funds, a spokesman for Prudential said. Glenn Isaacson and Evan Haskell of CBRE negotiated on behalf of the landlord in the deal, but officials at CBRE declined requests for comment.