Online advertising platform adMarketplace is relocating to Midtown South and doubling the size of its corporate headquarters after five years in the Garment District, Commercial Observer has learned.
The company signed a sublease with business data analytics firm FactSet for 39,253 square feet on the 10th floor of the 41-story 90 Park Avenue, according to subtenant broker Official Partners. Asking rent was $60 per square foot.
The exact length of the sublease is unclear, but a spokesperson for Official said it was long term.
AdMarketplace will gain 17,053 square feet in the move from its current offices at 1385 Broadway, where it leases 22,200 square feet, according to Official.
The company has been on the 19th floor of the Garment District building since 2018, and also has offices in Miami and London, according to its website and The Real Deal. AdMarketplace was founded in 2000 and has developed pay-per-click online advertising tools and search engine syndication used by publisher partners including USA Today, Cake, Opera and Avast.
A spokesperson for 90 Park Avenue owner Vornado Realty Trust (VNO) confirmed the sublease but declined further comment.
Brothers Tal and Oren Alexander of Official, together with Avison Young’s Roshan Shah, Michael Gottlieb and Alexis Odgers arranged the deal for adMarketplace. Avison Young did not immediately respond to a request for comment.
“This is one of the largest sublease transactions of the year on Park Avenue, showing strong momentum in New York City’s office market,” an Official spokesperson wrote in an email.
It’s unclear who brokered the deal for FactSet or why the company decided to sublease the space at 90 Park. FactSet’s global headquarters are in Norwalk, Conn., and it also has offices in nine U.S. states and across Europe, the Middle East, Asia Pacific and South America, according to its website.
You can read the article on Commercial Observer here.