Lease Beat

Media Software Company To Open First NYC Office

292 Madison Avenue.

Media software platform ZEFR will open its first New York City office in Midtown East through a seven-year, 4,717-square-foot lease for a 15th floor office that includes a 3,600-square-foot wraparound terrace at Marciano Investment Group‘s 292 Madison AvenueCommercial Observer has learned.

The Venice, Calif.-based software providers that boast clients like YouTube, Saturday Night Live and Adidas will occupy a full floor in a pre-built space designed by architects from the Mufson Partnership with asking rents of $65 per square foot in the building on the corner of East 41st Street that already houses tech tenants like Raptor Trading, Exponential Interactive and Qliktech, said Harry F. Blair, an executive director at Cushman & Wakefield. Read More

Lease Beat

Sixth Tech-Related Tenant Leases at 292 Madison

292 Madison

Technology-focused venture capital firm Greycroft Partners has taken the entire 6,035-square-foot 20th floor at 292 Madison Avenue, Commercial Observer has learned. It’s a new lease for the firm, which focuses on investments in early-stage companies, primarily in the digital media sector.

The asking rents were in the high-$50s, according to a spokesperson for the asset manager, Herald Square Properties, which oversees the property on behalf of the landlord, Marciano Investment Group. Read More

Lease Beat

Another Tech Tenant Moving Into 292 Madison

292 Madison Avenue

A fifth technology company has taken a full-floor of pre-built office space designed by the Mufson Partnership at 292 Madison Avenue, Commercial Observer has learned.

Raptor Trading, a provider of multi-asset electronic trading and risk management solutions, signed a lease for the 5,752-square-foot 22nd floor at the 41st Street building. Among the tech firms it joins is Exponential Interactive, which took the entire 11th floor in the building last year, as Commercial Observer previously reported.  Read More

Lease Beat

Exponential Interactive Moving to Pre-built Space at 292 Madison Avenue

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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.” Read More

least beat

E-commerce Site Borderfree.com Extends and Expands in 22,226-SF Lease at 292 Madison

292 Madison Avenue

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. Read More

Prebuilt Building Out in Manhattan

The ground floor business lounge at 747 Third Avenue. (photo courtesy of Regus)

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

Lease Beat

QlikTech Grabs Pre-built Space at 292 Madison Avenue

292 Madison Avenue (photo courtesy of CoStar)

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. Read More

Lease of the Week

PreBuilding a New Identity

292 madison web

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. Read More