Exponential Interactive has signed an 11,113-square-foot lease for the entire pre-built 11th floor at 292 Madison Avenue.
“This lease is a further testament to the successful re-positioning of the property,” said Gerard Nocera, principal of Herald Square Properties, in a prepared statement. “Madison Avenue south of 42nd Street has become one of the city’s most active hi-tech corridors and our Soho-style pre-built offices are clearly conducive to these new tenant categories.”
E-commerce company Borderfree.com (formerly Fifty-one Global E-Commerce) expanded and extended its lease for a total 22,226 square at 292 Madison Avenue, The Commercial Observer has learned.
David L. Hoffmann, Jr. and Bryan Boisi of Cassidy Turley represented the tenant. William G. Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the owner, identified as 292 Madison Avenue Leasehold LLC. Asking rent was in the high $40 to mid $50 a foot range, said Michael Reid, a principal at building manager Herald Square Properties.
Regus announced plans to expand its prebuilt office space footprint in Manhattan with four new locations slated for leasing in the coming year. The Luxembourg-based company has 60 such business centers in the tristate area, 26 of which are in New York City.
New locations include 23,000 square feet at 747 Third Avenue, two floors Read More
Media3, a tech company that offers facilities for global broadcasters and their on-air guests, has signed a 7-year lease for a 7,300 square foot space at 535 Fifth Avenue, The Commercial Observer has learned.
The company will be taking the entire 13th floor at the 36-story class A office building.
QlikTech, a maker of business intelligence software, will be taking an entire pre-built office space on the 18th floor of 292 Madison Avenue, The Commercial Observer has learned.
QlikTech beat out a hedge fund for the pre-built space, which is sized at 6,035 square feet and priced at an asking price of $55-a-square-foot, said those close to the deal. The lease is for seven years.
William Cohen of Newmark Grubb Knight Frank represented Marciano Investment Group, the owners of 292 Madison Avenue. A brokerage team from Jones Lang LaSalle represented QlikTech in the deal. Herald Square Properties manages the building on behalf of ownership.
QlikTech becomes the second notable tech company to move into the newly refurbished 292 Madison Avenue, which has been actively pursuing technology firms since the Marciano Investment Group bought into the building’s ground fee and mortgage in 2011.
FiftyOne ECommerce took the 17th-floor pre-built space, also sized at 6,035 square feet, in March. FiftyOne ECommerce also has a fifth-floor space in the building, with a total footprint at 17,148 square feet.
QlikTech is replacing a law firm that moved out of the 18th-floor space after its lease expired.
Lease of the Week
Billy Cohen, an executive vice president and principal at Newmark Knight Frank, was guiding The Commercial Observer through the construction of a new prebuilt office on the 17th floor at 292 Madison Avenue last week when he honed in on the exquisite lighting throughout the space.
In just the last couple of months, we’ve watched the ins and the outs, the ups and the downs at the Empire State Building. The activity continues unabated.
Milwaukee-based Gonzalez, Saggio and Harlan, the nation’s largest minority-owned law firm, has moved their New York offices from the icon to a 6,035-square-foot space at Read More