Digital advertising technology company Amobee has signed a 3.5-year lease for the 12,250-square-foot 10th floor in the Flatiron District, Commercial Observer has learned.
Amobee, which provides services for large advertisers, publishers, took the short-term lease at 162 Fifth Avenue “to have flexibility and accommodate the growth of the company post-acquisition,” according to a spokeswoman for ABS Partners Real Estate. Amobee will be relocating from nearby 155 Fifth Avenue between East 21st and East 22nd Streets.
In exchange for leasing an as-is studio and showroom that formerly housed Payless Design Studio, Amobee received a rent in the mid-$60s per foot.
Jay Caseley and Joe D’Apice of ABS Partners represented the landlord, 162 5th Associates, an entity comprised of ABS executives, in the transaction, while Matt Felice and Gil Ohls of JLL represented Amobee, a subsidiary of Singtel, which acquired Adconion for $209 million in third-quarter 2014 and Kontera for $150 million in second-quarter 2014.
“162 Fifth Avenue has stable ownership that is able to offer competitive lease terms in order to attract quality tenants to its upcoming full floor availabilities,” Mr. Caseley said in prepared remarks. “During the third quarter of 2015 we will have approximately 50,000 rentable square feet, which was occupied by Creative Artists Agency, turning over in the building. We are preparing for new tenants with the renovations already underway.”
The 11-story building, originally constructed in 1904, is located on the corner of West 21st Street. A historic renovation of the building’s entryway was just completed and additional work has been planned for the building’s façade, storefronts and lobby.
Messrs. Felice and Ohls weren’t immediately reachable for comment.