Online Ad Manager CafeMedia Leaves Fifth Ave for 1411 Broadway
Digital advertising company CafeMedia is moving within Midtown South to Ivanhoé Cambridge’s 1411 Broadway, according to tenant brokerage JLL.
The firm, which hosts a digital ad platform, inked a 25,261-square-foot lease on the entire 27th floor of the 40-story building between West 39th and West 40th Streets, in the Garment District. Asking rent in the 10-year lease was $80 a square foot, per a JLL spokesman.
CafeMedia will relocate from nearby 417 Fifth Avenue, between East 37th and East 38th Streets, to the 1.1-million-square-foot office tower later this year.
JLL’s Alexander Chudnoff, Dan Turkewitz, and Kip Orban handled the deal on behalf of CafeMedia. Ivanhoé Cambridge was represented by Paul Amrich, Neil King and Emily Jones of CBRE.
“CafeMedia was looking for expansion space to accommodate its thriving business,” Chudnoff said in a statement. “The firm is the world’s largest ad management service, providing the technology and services that help the highest-quality publishers grow their business and maximize success.”
Ivanhoé Cambridge, Swig Company and Callahan Capital Partners purchased a 49.9 percent stake in the property from Blackstone Group for $368 million in 2012, as Commercial Observer previously reported.
Other major tenants in the building include a host of apparel companies, including Levi’s, Authentic Brands Group, ROC Nation and Republic Clothing Group, plus coworking outfit Industrious and accounting firm WithumSmith+Brown.