Video advertising agency Tremor Video will more than triple its headquarters next year through a 50,965-square-foot lease at the Paramount Building at 1501 Broadway in Times Square, Avison Young announced yesterday.
The digital advertising firm, which boasted a nearly 31 percent jump in revenue over the past year, according to its website, will relocate from a 16,000-square-foot space at 53 West 23rd Street in Midtown South and eventually occupy the entire eighth floor of the building once known for being the home of the motion picture company bearing its name, Avison officials said.
“Signing tenants of the quality of Tremor Video is an affirmation of our success in repositioning the Paramount Building to attract a wide variety of companies seeking unique modern spaces in a premier Times Square location,” said Avison Young principal and tri-state president Arthur Mirante in a prepared statement. “We are pleased to be a part of transforming a building that is world-renowned in the arts and entertainment industry into one that also appeals to New York’s burgeoning technology and creative sectors.”
Asking rents at the property between West 43rd and West 44th Street run in the $60s per square foot, according to Crain’s New York Business, which first reported the new lease. The estate of the late real estate developer Arthur Cohen owns the property, the publication reported.
Mr. Mirante, and fellow Avison Young principal Michael Gottlieb, along with colleagues David Cohen and Thomas Hines, represented the landlord in the deal, while Sacha Zerba, Christopher Corrinet, Jared Isaacson and Cara Chayet of CBRE negotiated on behalf of the tenant, Avison officials said.
Representatives for CBRE didn’t immediately respond to a request for comment and officials at Avison declined to respond to a request for the length of the lease.