Criteo, a software and online advertising firm, has signed a lease for 40,000 square feet at the TF Cornerstone-owned 387 Park Avenue South between East 27th and East 28th Streets.
As part of its 10-year lease, the TAMI tenant will take the 11th and 12th floors of the 13-story property and has also secured a Read More
Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.
Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.
On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.
The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services.
TF Cornerstone is planning a bold makeover of 387 Park Avenue South, leasing executives for the building say.
The company, which owns several prominent office properties in the city including Carnegie Hall Tower, will build an outdoor area and conference facility on the 12-story building’s roof and clad its lower floors in a new glass facade. A new lobby and elevators will also be installed as part of the project.
TF Cornerstone is readying plans to undertake a major renovation of 387 Park Avenue South, a roughly 215,000-square-foot office building the company owns at the edge of booming Midtown South.
Matthew Leon, a top leasing executive at Newmark Grubb Knight Frank who oversees leasing of TF Cornerstone’s Manhattan portfolio of space, said that over $10 million will likely be spent in order to upgrade the building.