Newly-formed digital advertising company Sizmek (NASDAQ: SZMK) has signed a 21,100-square-foot lease for the entire fifth floor at Meringoff Properties’ 401 Park Avenue South, Commercial Observer has learned.
The space will accommodate the firm’s growing demands after coming to fruition as a spinoff of ad firm Digital Generation, purchased last month by video ad company Extreme Reach.The deal also completes ownership’s comprehensive leasing program at the property, during which 150,000 square feet of leasing was completed after an extensive renovation. Read More
WeWork continues its expansion with a new lease in Midtown South.
The office space provider for tech and new media companies will open a 63,300-square-foot office spanning the eighth, ninth, and tenth floors of Meringoff Properties-owned 401 Park Avenue South. The office marks the first in Midtown South, adding to its portfolio of places throughout the downtown area.
Mobile location-based ad platform xAd, Inc. has signed a 10-year, 21,100-square-foot lease and relocation for the entire 11th floor at Meringoff Properties’ 401 Park Avenue South, The Commercial Observer has learned.
Meringoff launched a leasing campaign at the 252,000-square-foot, 12-story property, situated on the southeast corner of East 28th Street and Park Avenue South, earlier Read More
Vitech Corporation renewed and extended by 10-years its 42,200-square-foot lease at Meringoff Properties‘ 401 Park Avenue South, The Commercial Observer has learned.
Dennis Someck of Lee & Associates represented the tenant, a systems engineering and software solutions provider. Mark S. Stein and Jason Vacker represented Meringoff. Asking rents at the 12-story building range from $53 to $60 per square foot.
Despite a fair share of new product hitting the Midtown South market in January, landlords continued to call the shots, seeking ever-growing rents in the city’s epicenter for tech and creative companies, the latest data from Cushman & Wakefield shows.
The data shows that total space increased year-over-year in January by 9.8 percent to more than 4.52 million square feet, yet average rents also increased by 10.7 percent to $50.61 per square foot.
The boost in available product was pronounced among Class A and Class B properties, with 41.03 and 47.1 percent increases, respectively.
“It is still a landlord’s market even though that space has come online,” said Ken McCarthy, C&W’s chief economist. “Anyone adding space to the market is asking higher rents.”