Mediaocean Downsizing NYC Headquarters to the Financial District
By Nicholas Rizzi May 1, 2019 1:40 pm
reprints
Advertising-software developer Mediaocean will downsize its New York City presence by nearly 38,000 square feet to Silverstein Properties’ 120 Broadway as it reportedly looks to trim the fat while exploring a sale, the landlord announced.
Mediaocean inked a 10-year deal for 51,000 square feet on the entire eighth floor of the 40-story office tower, known as the Equitable Building, between Pine and Cedar Streets, Bloomberg first reported. Asking rent in the deal was between the mid-$50s and low-$60s per square foot, a spokesman for Silverstein said.
The company will ditch its 88,387 square foot space at 620 Avenue of the Americas—which it leased in 2013—but has not yet set move-in date for 120 Broadway, according to the Silverstein spokesman.
Camille McGratty handled the deal in-house for the landlord while Savills’ Howard Nottingham and Allyson Bowen represented Mediaocean. A spokeswoman for Savills did not immediately respond to a request for comment.
“The world’s fastest growing companies are moving Downtown,” Larry Silverstein, the chairman of Silverstein Properties, said in a statement. “With the best transit, restaurants, amenities and space in the City, Lower Manhattan has become the neighborhood of choice for technology, media and advertising firms.”
Mediaocean—which process more than $150 billion of ad spending—was founded in 2012 and private-equity firm Vista Equity Partners purchased a majority stake in the software developer for about $720 million in 2015, the Wall Street Journal reported.
In October 2018, Vista Equity tapped Morgan Stanely and Macquarie to explore a sale of Mediaocean, which could sell for more than $1.5 billion, according to the WSJ.
Mediaocean’s chief of staff, Jessica Breault Ramirez, told Bloomberg the company eyed the move because it had too much space at RXR Realty’s 620 Avenue of the Americas and 120 Broadway had cheaper rent.
“We’ve had a lot of changes in the past few years and our space just became too large,” she told Bloomberg. “The pricing was very favorable for us compared to where we currently are, but we also just love the area downtown—it’s very hip and up-and-coming.”
Mediaocean will join Macmillan Publishers, New York Life Insurance Company and architecture firm Beyer Blinder Belle in Silverstein’s 1.9 million office tower.
