Rocket Fuel has signed a 10-year lease for 90,000 square feet at Vornado Realty Trust’s 100 West 33rd Street. The advertising technology company expects to relocate from its current office at 129 West 29th Street next month.
“Rocket Fuel definitely wanted to stay in the Midtown/Chelsea area as this is where most of its customers and partners are located,” Scott Brown, a managing director at Newmark Grubb Knight Frank, who represented the tenant, told Commercial Observer in an emailed statement. “The decision to take a full floor at 100 West 33rd Street was driven by efficiency and company projections to expand in the short-term.”
Rocket Fuel had initially committed to approximately 50,000 square feet at 100 West 33rd Street last year, a source told Commercial Observer, but the company negotiated an expansion based on recent growth and future plans, according to Mr. Brown. The tenant is paying rent in the high-$40s per square foot, the source said.
Since late last year, Redwood City, California-based Rocket Fuel has more quadrupled the size of its national office footprint, according to a statement. The company has also signed a 49,000-square-foot lease in San Francisco and a 45,000-square-foot deal in Chicago.
Mr. Brown represented the tenant along with Rob Silver. Kristoph Lodge and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represent Rocket Fuel nationally. Vornado is represented in-house at 100 West 33rd Street by Craig Panzirer and Jared Solomon.