Digital Ad Firm Clinch Signs 9K-SF Lease at 50 West 23rd Street
By Mark Hallum August 18, 2023 12:40 pm
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Two Trees Management clinched a deal with an advertising firm in the Flatiron District, Commercial Observer has learned.
Clinch signed an 8,705-square-foot lease at 50 West 23rd Street, in an expansion from its current nearby headquarters at 37 West 20th Street, according to the tenant, who did not disclose the asking rent or the length of the lease.
Average asking rents in the second quarter of 2023, however, were around $82 per square foot in Midtown South, a recent report from Colliers detailed.
“While tenants certainly have no shortage of options in today’s market, what sets 50 W 23rd St apart is its beautifully landscaped roof deck and close proximity to Madison Square Park in the vibrant Flatiron district,” a spokesperson for Two Trees said in a statement. “These offerings provide the ideal environment for creative tenants like Clinch to foster collaboration and continue their exceptional work.”
Clinch, which is expanding by an unknown amount of space, Michael Thomas and Aidan Campbell of Colliers negotiated on behalf of Clinch in the deal while Alyssa Zahler and Jarad Winter represented Two Trees in-house.
Thomas and Campbell could not be reached for comment.
“We believe that this modern environment will support ongoing initiatives to align teams, drive productivity and nurture collaboration,” Oz Etzioni, CEO of Clinch, said in a statement.
The tenant, which uses artificial intelligence technology in its digital ad targeting strategy, will be occupying the 13-story, Beaux-Art cast-iron building within the next month, where it will have access to an 11,000-square-foot landscaped roof deck.
Other tenants in the building include Foursquare, Kaiyo and TrustPilot, which took 34,000 square feet across the 10th floor in May 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
