Paris-Based Ad Firm Expanding on PAS Mere Months After Moving in
By Liam La Guerre December 8, 2015 6:00 pm
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Criteo, a French online advertising company, has signed a 10-year lease for 19,269 square feet amassing the entire 10th floor of TF Cornerstone’s 387 Park Avenue South, expanding its footprint in the 12-story property to nearly 60,000 square feet.
The firm is growing from its current 40,000-square-foot New York headquarters on the entire 11th and 12th floors of the office and retail property between East 27th and East 28th Streets. Criteo’s lease includes exclusive access to the building’s outdoor roof deck which includes a 2,000-square-foot glass conference space. The company moved into the space about six months ago, as The Wall Street Journal reported. Asking rents in the building are $77 per square foot.
“The capital improvements we have invested in this asset have been a significant driver in the robust leasing activity at 387 Park Avenue South and the high-grade tenant mix in both the office and retail portions of the property,” Palmer “Chip” Sealy, the director of office leasing at TF Cornerstone, said in a statement.
Matt Leon of Newmark Grubb Knight Frank represented TF Cornerstone in the transaction and a team led by CBRE’s David Hollander brokered the deal for the tenant.
“Criteo chose this location for a combination of the energy and vibe of Midtown South and proximity to public transportation,” Mr. Hollander said in prepared remarks. “The building itself has completed a fabulous renovation and Criteo has very special space inclusive of skylights and significant outdoor space.”
TF Cornerstone is currently completing a $20 million building renovation, including installation of an all-glass façade at the base, a new roof deck and heating and ventilation systems, as well as revitalization of two lobbies and elevators.
The 230,000-square-foot property is 78 percent leased following Criteo’s expansion. Other new office tenants include residential brokerage Citi Habitats and workspace provider Regus. On the retail end, Artisanal Fromagerie Bistro and fitness center Barry’s Bootcamp recently signed deals at 387 Park Avenue South to open next year.
