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Online Ad Platform Doubles Midtown Headquarters at 90 Park Ave.

| Commercial Real Estate News, Deals, Featured, Leasing, Office| Views: 0

After spending five years in the Garment District, online advertising platform adMarketplace signed a sublease that will allow it to move its operations to a new Midtown office space just two blocks south of Grand Central.

The company will be doubling its corporate headquarters’ footprint to occupy 39,253 square feet at 90 Park Ave. Asking rent was $60 per square foot. Its current offices at 1385 Broadway total 22,200 square feet.

According to subtenant broker Official Partners, adMarketplace struck a long-term deal with business data analytics firm FactSet for the office space on the Vornado Realty-owned building on the 10th floor of the 41-story high-rise. Official Partners’ Tal Alexander and Oren Alexander, along with Avison Young’s Michael Gottlieb, Roshan Shah and Alexis Odgers brokered the deal on behalf of the tenant.

The motive for FactSet’s decision to sublease the space were not disclosed. FactSet continues to have a large national and international presence. Its headquarters in Norwalk, Conn., is supplemented by nine other offices across the U.S., as well as locations across Europe, the Middle East, Asia Pacific and South America.

Founded in 2000, adMarketplace built its reputation on developing pay-per-click online advertising tools. It has also produced search engine syndication used by publisher partners such as USA Today, Cake, Opera and Avast. In addition to its presence in Manhattan, the company also has offices in Miami and London.

Designed by Emery Roth and completed in 1964, the 41-story building is located on the west side of Park Avenue between 39th and 40th streets. The most recent renovation efforts at the property have included a revamping of the lobby and storefront; new elevators; turnstiles; restrooms; as well as electric and steam chillers.

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