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New York

Mattel subleases former Chelsea showroom

Mattel’s former fifth-floor showroom at 28 West 23rd Street

Barbie and Ken just made some new techie friends.

Fresh on the heels of raising $50 million in new funding, online advertising start-up AppNexus moved its staffers into a former Mattel showroom this week, more than tripling its New York City office space, a company spokesperson told The Real Deal.

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The fifth-floor, 25,000-square-foot space, at 28 West 23rd Street, is intended to accommodate 140 to 150 people (the rapidly-expanding AppNexus currently has 93 employees).

Signature Partners’ Michael Pinney represented the company in its one-year sublease from the toy manufacturer, which included a tenant allowance. A company spokesperson said AppNexus is “confident that [it] will be able to renew the lease on the fifth [floor] and then later expand on the fourth floor as well.”

AppNexus would not comment on what it will be paying in rent, but according to Cassidy Turley, the average asking rent in the Midtown South office market, which includes Chelsea, was $38.23 per square foot in December 2010, though subleases tend to go at cheaper rates.

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Cassidy Turley