Tech Firm Takes Full Floor at 386 Park Avenue South
Al Barbarino May 22, 2014, 7:30 a.m.
Advertising technology firm The Trade Desk has signed a long-term lease for a relocation to the entire 13,121-square-foot 17th floor at William Macklowe Company’s 386 Park Avenue South.
The company expects to relocate from its current 12 West 27th Street offices to its new Manhattan headquarters at the 260,000-square-foot Class A building this fall.
With the intention of making the building “appealing to the younger generation” of creative tech and media companies, Mr. Macklowe unveiled an expanded entranceway and elevator modernization at the 20-story LEED-destined tower earlier this year, along with a prebuilt floor system that he attributes to the building’s success.
“It’s proven to be very appealing to the emerging creative industries in the area who want and value the ease of turn-key space so they can simply plug in and start their business,” he said in an emailed statement.
As Mr. Macklowe fine-tuned the pre-build program late last year, he told Commercial Observer that the plan expanded on the existing concept for prebuilt space for smaller space that “has been around forever” and expanded that to full floors at 386.
“I think we have enough of an understanding, from 20 or 25 years of building office space, on how to deliver that product to that market,” he said at the time.
The Trade Desk, headquartered in Ventura, California and with additional offices in San Francisco, Los Angeles, Europe and Asia, expects to relocate from its current Flatiron offices this fall.
The deal marks the seventh full-floor transaction completed in the past year at the property, bringing the total square footage of office leases to date to approximately 100,000 square feet, according to ownership. Exisiting tenants include Lowe & Partners, Profero, Twitter, NewsCred and Impact Republic.
Kevin Daly of Rudin Management represented the tenant (while still with previous employer Cushman & Wakefield), while the building’s leasing agents, Paul Amrich, Ross Zimbalist and David Young of CBRE, represented the building’s owners, a partnership between William Macklowe Company and Principal Real Estate Investors.
Asking rents at the building run in the $57 to $75 range. The deal was previously reported in the New York Post.