Tech Firm xAd Signs 10-Year Deal at 401 Park Avenue South
By Al Barbarino December 10, 2013 11:20 am
reprintsMobile 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 this year, and company co-head Stephen Meringoff said that the lease is the “first of a handful of new leases about to be signed following an extensive repositioning of the property.”
The revamped building includes two new lobbies, new building systems and infrastructure, open floor plans with high ceilings, new hard-wood floors and exposed steel columns, “all of which are attracting burgeoning technology companies like xAd,” he said.
“We have actually witnessed the center of the universe for the technology and creative industries shift to this 24/7 neighborhood, and we are delighted to welcome such a thriving company to the building, while enabling them to expand in this flourishing sector of the city.”
Formerly, xAd, which provides targeted search and display advertising for national and global businesses, occupied offices at 72 Madison Avenue.
“It was a pleasure to work with such committed owners and their team on this transaction,” said Stephen McCarthy, CFO of xAd, in a statement. “They were hands on throughout the entire process and treated us like partners. We are thrilled to call 401 Park Avenue South our new home and are designing spectacular space to support us as we continue to grow xAd.”
Jon Mayeske of Cushman & Wakefield (CWK) represented xAd. A C&W spokesperson did not immediately respond to requests for comment. Mark Stein and Jason Vacker acted in-house on behalf of ownership. The brokers did not immediately return calls seeking comment.
