Mobile Advertising Startup Dials Into Full Floor in Union Square
By Terence Cullen April 26, 2016 2:00 pmreprints
A mobile-focused advertising firm has inked a deal to expand and relocate to 79 Fifth Avenue in Union Square—not far from its current, but smaller digs.
Verve Wireless signed a 21,500-square foot lease for the entire fourth floor of the 331,730-square-foot property between East 15th and East 16th Streets, brokers in the deal told Commercial Observer. The company’s lease is for 10 years, according to The Wall Street Journal, which first reported news of the deal.
Howard Dolch of Lansco, who represented landlord A&R Kalimian, said the asking rent was in the high-$70s per square foot.
Staying in the area was important to the tenant, said Mr. Dolch, who’s also marketing the remaining two unoccupied floors of 79 Fifth Avenue. “The executives of the company really love the Union Square-Flatiron area,” he added. “Most of the interest we’re getting is from the creative sector of the market.”
Verve Wireless, which also has headquarters offices in Maryland and California, is currently based in about 5,000 square feet a few blocks away at 44 West 18th Street between Avenue of the Americas and Fifth Avenue, according to its broker, Andrew Stein of Vicus Partners. The company has slightly increased its square footage at the building, he added, until it moves to 79 Fifth Avenue sometime later this year.
Mr. Stein said that the firm has been rapidly growing in the last few years and needs the space as it continues hiring people and expanding its New York City operations.
“They’re expanding significantly in New York because the industry is booming,” he said. “They really like the lower Fifth [Avenue] corridor and 79 Fifth [Avenue] was a great building.”