Morgan Stanley’s Park Avenue Building Has a New Addition
Advertising technology platform The Trade Desk has inked a 49,000-square-foot sublease for fashion retailer Gilt Groupe’s space at 2 Park Avenue between East 32nd and East 33rd Streets.
The company will occupy the entire fifth floor of Morgan Stanley’s 29-story building for six years, the remainder of Gilt’s lease, according to The Real Deal, which first reported news of the deal. Asking rent in the deal was $64 per square foot, a spokeswoman for CBRE told Commercial Observer.
The Trade Desk is currently on the entire 17th floor of HSR Corp.’s 386 Park Avenue South between East 27th and East 28th Streets, five blocks over from its new location. That building underwent a pre-built program to accommodate rapidly growing companies, CBRE’s Eric Cagner previously told CO. But the firm’s space at 386 PAS—13,121 square feet—is almost one-fourth its new space.
Founded in October 2009 by Jeff Green and Dave Pickles, California-based The Trade Desk was valued at $202.1 million in 2014, according to an Inc. Magazine survey. In 2015, Forbes listed it as number nine of 100 of America’s most promising companies. The firm has expanded in the United States and worldwide with offices in Germany, Hong Kong, Korea, Singapore, Australia and Japan.
The seven-year old company will share 2 Park Avenue with designer brand Kate Spade, British Airways and women’s clothing brand Talbots. Chase Bank and Pret-A-Manger occupy the ground-floor retail space of the building along with Quality House Wines & Spirits and HSBC Bank.