Financial Tech Firm Doubles at Milstein’s 335 Madison Avenue
Terence Cullen April 11, 2016, 4:34 p.m.
A Silicon Valley-based financial technology firm is expanding to 25,000 square feet in Midtown three years after first signing for office space at the building.
Addepar inked a new lease at Milstein Properties’ 335 Madison Avenue, where it’s grown from a tech incubator space, according to a press release from the landlord and tenant. The firm, which whittles down analyses of financial portfolios, will move into its 14th-floor space next month.
The company first signed a 3,000-square-foot deal at the building between East 43rd and East 44th Streets in 2013, and then expanded to 12,500 square feet a year ago, according to The Wall Street Journal, which first reported news of the deal.
“Addepar chose 335 Madison as the ideal location to establish the [New York City] presence of our Silicon Valley-headquartered company,” Eric Poirier, the chief executive officer of Addepar, said in prepared remarks. “The location—connected to Grand Central Terminal, at the nexus of convenient transportation options for employees, and within walking distance to many of our clients—was perfect for Addepar.”
Asking rent in the deal was $75 per square foot, according to a spokeswoman for the landlord. The lease runs through April 2025. There weren’t any brokers involved in the deal.
“We are thrilled that Addepar has chosen to expand its office space at 335 Madison, and we look forward to seeing their business continue to expand in New York,” Michael Milstein, a partner of Milstein Properties, said in a statement.
Milstein Properties has set aside 20 percent of the 1.1-million-square-foot Midtown building for up-and-coming technology companies, according to the release. That includes a coworking space dubbed Build, the Grand Central Tech accelerator and a new venture in partnership with the New York City Economic Development Corporation.