The Real Deal New York

French ad firm expands at TF Cornerstone’s 387 PAS

Criteo already took two full floors at Midtown South property this year

December 09, 2015 05:18PM

387 Park Avenue South

Rendering of 387 Park Avenue South’s renovated roof deck (inset: Jean-Baptiste Rudelle)

French advertising firm Criteo is already expanding at TF Cornerstone’s 387 Park Avenue South less than a year after taking 40,000 square feet at the building.

The Paris-based company signed on for another 19,269 square feet, or the entire 10th floor, at the 12-story prewar office building, bringing its total to about 60,000 square feet across three full floors.

Criteo already had the entire 11th and 12th floors at the 230,000-square-foot Midtown South property, which now stands 78 percent leased, TF Cornerstone said in a statement announcing the deal. It signed a 10-year lase earlier this year, with the landlord’s asking rents in the $70s per square foot.

The advertising firm also maintains “exclusive access” to the building’s outdoor roof deck, which features a 2,000-square-foot penthouse and glass skybox conference facility with floor-to-ceiling windows.

A CBRE team led by David Hollander represented Criteo, while Matt Leon of Newmark Grubb Knight Frank represented the landlord as its exclusive office leasing agent for the building.

TF Cornerstone, led by brothers Tom and Fred Elghanayan, said it is nearing completion on a $20 million renovation program at 387 Park Avenue South. The company has signed around 100,000 square feet of new office leases and roughly 16,000 square feet of new retail leases at the property in the last year, it added.

Citi Habitats took the building’s entire fourth floor, or 19,269 square feet, for the residential brokerage’s new corporate headquarters, while shared workspace provider Regus also took the entire fifth floor. TF Cornerstone’s own corporate headquarters sits on 387 Park Avenue South’s sixth through eighth floors. – Rey Mashayekhi