True North, a digital advertising and media company, has signed a short-term renewal for its offices at 630 Third Avenue, Commercial Observer has learned.
The company will stay in its 8,286 square feet of office space through 2017, according to a press release by landlord ATCO Properties & Management. True North currently occupies parts of the 12th and 16th floors of the 23-story building between East 40th and East 41st Streets. The asking rent in the deal was $59 per square foot.
“We are excited that this prominent advertising agency will maintain its home base at our building at 630 Third Avenue,” said Kate Goodman, the co-president of ATCO, in prepared remarks. “The extension of the lease is yet another positive indicator for the Third Avenue office corridor.”
Sard Verbinnen & Co., a communications company, recently expanded by 5,829 square feet on part of the 22nd floor of the 240,000-square-foot building. That gives the firm a total 50,415 square feet at 630 Third Avenue.
Demand from companies for office space along Third Avenue has increased in the last two years, as CO previously reported. Between the end of 2014 and the third quarter of 2015, leases on the strip between East 39th and East 57th Streets totaled 900,000 square feet.
And as recently as today, CO reported that law firm Golenbock, Eiseman, Assor, Bell & Peskoe is relocating from Madison Avenue to SL Green Realty Corp.’s 711 Third Avenue. The firm will take 38,000 square feet in its new location between East 44th and East 45th Streets.