Tech Firm The Trade Desk Moving to 96K SF in Grace Building
By Nicholas Rizzi November 13, 2018 3:00 pmreprints
The Trade Desk, an advertising technology firm, plans to relocate its New York City headquarters to the top three floors of the Grace Building, according to a release from landlord Brookfield Property Partners.
The California-based company signed a 10-year lease for 95,580 square feet at the 49-story 1114 Avenue of the Amercias co-owned by Brookfield and The Swig Company between West 42nd and West 43rd Streets, The New York Post first reported. A spokesman for Brookfield would not provide asking rents, but CoStar Group data lists average asking rents as $85 to $103 per square foot.
The deal nearly doubles Trade Desk’s NYC headquarters, which is currently at 2 Park Avenue. It’s unclear when it plans to relocate to the Grace Building.
“This move is a testament to our company’s continued growth and highlights our commitment to the important New York market,” Rob Perdue, the COO of Trade Desk, said in a statement.
Carlo Brignardello, Richard Selig and Peter Sabesan of Cresa handled the deal for Trade Desk. CBRE’s Ken Rapp, Peter Turchin, Sarah Pontius, Zak Snider and Cara Chayet represented Brookfield along with an in-house team of Duncan McCuaig and Alex Liscio. Spokespeople for CBRE and Cresa did not immediately respond to requests for comment.
Aside from the deal, Brookfield also announced plans to revamp the building that will redesign the 30,000-square-foot public plaza and update the lobby with new seating and mirrored glass, according to the release.
“The Grace Building continues to attract some of the world’s most innovative and sophisticated companies thanks to its central midtown location, spectacular views of Bryant Park, excellent access to transit, and a singular public plaza that is soon to be transformed in Brookfield’s signature placemaking style,” Ben Brown, the executive vice president of Brookfield, said in a statement.
Other tenants in the 1.6-million-square-foot Grace Building include office product designer Humanscale, HBO and Bank of America.