Digital Advertising Company Undertone Relocating HQ From Midtown to 1 WTC
Undertone, which does cross-platform digital branding, is moving its headquarters from Midtown to the Financial District, the company announced today.
The digital ad company signed a seven-and-a-half-year deal for 25,550 square feet on part of the 77th floor at 1 World Trade Center, according to a spokeswoman for Undertone. The asking rent was$69 per square foot, as per a spokesman for Durst Organization, which owns the 104-story, 3.1-million-square-foot building along with the Port Authority of New York & New Jersey.
“The new office opening will allow Undertone to grow its employee count in New York by up to 65 percent, due to ongoing client demand,” an Undertone press release indicates. The company will relocate from 40,000 square feet at 340 Madison Avenue between East 43rd and East 44th Streets, where it has been for six years, in January 2019, the Undertone spokeswoman said.
She noted that the new space may be smaller in square footage, but “the 1 WTC space is more efficient than older offices.”
Michael Pallad, the president of Undertone, said he viewed the move as “an important step in expanding our ever-growing influence in today’s digital world. Our investment in this new space showcases our commitment to our clients and dedication to company-wide innovation and growth.”
JLL‘s Paul Ferraro and Deborah van der Heyden represented Undertone in the deal. The landlords were represented by Durst’s Eric Engelhardt and Cushman & Wakefield’s Tara Stacom, Justin Royce, Peter Trivelas, Barry Zeller and Connor Daugstrup.
“Undertone was looking for a standout headquarters location that could accommodate a new stage of growth for the firm and help it attract new talent,” Ferraro said via a company spokesman. “The unbelievable space and amenities afforded by 1 World Trade Center allows its employees to be part of the 24/7 live, work, play atmosphere Downtown. The building also ensures Undertone remains close to its client base.”
A spokesman for C&W didn’t provide a comment.
“New York City continues to draw companies from the burgeoning TAMI [or technology, advertising, media and information] sector,” Jonathan “Jody” Durst, the president of Durst, said via a spokesman. “And Lower Manhattan is the neighborhood of choice for these companies.”
Tenants in the building include Condé Nast, Servcorp, GroundTruth and Infosys Technologies.