Trade Desk Taking Over Bain & Company’s 126K SF at Grace Building
By Mark Hallum May 13, 2024 4:39 pm
reprints
With Bain & Company signing a 235,200-square-foot deal to move to 22 Vanderbilt, Trade Desk is backfilling the 126,000-square-foot space Bain is leaving behind at the Brookfield (BN) Properties-owned Grace Building.
The California-based Trade Desk currently occupies about 155,000 square feet in the Grace Building at 1114 Avenue of the Americas, first signing on for 95,000 square feet in November 2018.
In the time that Trade Desk has been in the 49-story building, it has continued to build the footprint of its New York City office by almost doubling its square footage after its initial move from 2 Park Avenue.
This new deal brings the advertising technology firm’s total presence in the building to 312,000 square, feet and the Grace Building will remain 100 percent leased, according to Brookfield.
Brookfield — which owns the building in a joint venture with the Swig Company" class="company-link">Swig Company — did not disclose the asking rent or the length of the lease, but average asking rent for Midtown office space in the first quarter of 2024 was $78.23 per square foot, according to a Cushman & Wakefield report.
Ethan Silverstein, Anthony LoPresti, Connor Daugstrup and Carlo Brignardello of Cushman & Wakefield (CWK) represented the tenant in the transaction while Duncan McCuaig, Mikael Nahmias, Hayley Shoener and P.J. Massey negotiated on behalf of Brookfield in-house.
“Trade Desk’s expansion at the iconic Grace Building underscores the surging demand for trophy office space in New York City,” McCuaig said in a statement. “In a market defined by the pursuit of well-located, state-of-the-art workspaces rich with amenities, the Grace Building continues to exemplify excellence and attract top firms.”
Other tenants in the building between West 42nd and West 43rd streets include private equity firm Hg, which moved its U.S. offices to 14,000 square feet in March 2023, and Bank of America, which leased 127,000 square feet in February 2018.
Mark Hallum can be reached at mhallum@commercialobserver.com.
