California-Based Tech Company Renews for Midtown East Office
A digital media advertising agency has opted to renew its lease early at 292 Madison Avenue through 2021, Commercial Observer has learned.
California-based Exponential Interactive will stay put in its 11,113 square feet of pre-built space on the 11th floor of the 26-story office building, according to the landlord. The company originally signed a three-year lease for a full floor of the building, which sits on the corner of Madison Avenue and East 41st Street, in 2013.
It had relocated its New York City office from 1359 Broadway between West 36th and West 37th Streets, as CO reported at the time.
“Madison Avenue south of Grand Central has quickly become one of the city’s leading technology and media hubs,” said Harry Blair of Cushman & Wakefield, who represented landlord Marciano Investment Group with colleague Sean Kearns, in prepared remarks. “We have already had some expansions with the new [technology, advertising, media and information] tenants but this early renewal reinforces an important direction for the building and the corridor.”
Those other tech tenants include the pre-existing such as Borderfree.com, Qliktech and IDG TechNetwork, according to the landlord, and the ones that followed Exponential Interactive like Raptor Trading and ZEFR.
Asking rent in the deal was $68 per square foot, according to a spokeswoman for the landlord. Nicola Heryet and Stephen Bellwood of DTZ represented Exponential Interactive.
Luring these so dubbed TAMI tenants has been a priority for the landlord since it bought the building in 2012 and tapped Herald Square Properties to renovate the 204,000-square-foot structure and oversee construction of the pre-built spaces.
Gerard Nocera of Herald Square Properties said in prepared remarks that Madison Avenue below East 42nd Street is one to the “most active tech corridors and our Soho-style pre-built offices are clearly conducive to these new tenant categories.”