Venture Capital Firm AVG Opening First NYC Office in Midtown

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Alumni Ventures Group (AVG), a New Hampshire-based venture capital firm, inked a deal to open its first New York City outpost at 183 Madison Avenue in Midtown, Commercial Observer has learned.

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The firm signed a 10-year lease for 11,006 square feet on the 18th floor of APF Properties’ 19-story building between East 33rd and East 34th Streets, according to landlord brokers Newmark Knight Frank. Asking rent was in the mid-$70s per square foot.

AVG was founded in 2014 as a fund for founder Michael Collins’ alma mater, Dartmouth College, and has since grown to invest in more than $200 million a year in tech startups, TechCrunch reported. The fund has offices in Boston, Chicago and San Francisco and plans to move into its Manhattan digs in the summer.

NKF’s Andrew Sachs, Tim Gibson, Josh Gosin, Brittany Reisman and Morgan Feldman brokered the deal for AFP while Jason Frazier of CBRE handled it for the tenant. Frazier declined to comment through a spokeswoman.

“Leasing activity has accelerated in recent months at 183 Madison, a testament to the quality of the office space and the unique building attributes,” Sachs said in a statement. “We believe Alumni Ventures Group will continue on its path to growth and success at this well-located asset.”

APF bought the 275,413-square-foot 183 Madison for $222.5 million from Tishman Speyer and Cogswell-Lee Development Group in 2018. It recently inked deals with college sports marketing firm Learfield IMG College and WeWork, as CO previously reported.