Criteo Renews 21K-SF Penthouse Office at 387 Park Avenue South

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Advertising media company Criteo is holding its ground on its Flatiron District penthouse, Commercial Observer has learned.

The tenant signed a 10-year extension on the 21,000-square-foot space it has leased since 2015 at the top of TF Cornerstone’s 387 Park Avenue South, according to the landlord. Asking rent was in the low $80s per square foot, the landlord said.

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“The Criteo lease extension exemplifies a top tech leader committing to the quality of its work environment in a building offering modern, creative design, desirable amenities and strong ownership,” Newmark (NMRK)’s Mike Morris, who negotiated on behalf of Criteo in the deal, said in a statement. It’s unclear who represented the landlord.

Jake Elghanayan, senior vice president of TF Cornerstone, said the building is now 100 percent occupied following the bankruptcy of Silicon Valley Bank in early 2023, which leased 20,000 square feet in the building starting in 2016. TF Cornerstone recently occupied an additional 7,000 square feet on the eighth floor, which expands its overall footprint in the property to 59,000 square feet.

Criteo originally moved into the 13-story building at the corner of Park Avenue and East 27th Street in early 2015 when it signed a lease for 40,000 square feet on the 11th and 12th floors, CO reported at the time. It’s unclear when it downsized to 21,000 square feet.

Mark Hallum can be reached at mhallum@commercialobserver.com.