With 30K lease, Operative Media joins tech firm fleet in Midtown South

New York /
Aug.August 07, 2012 02:00 PM

As tech firms crowd Midtown South, raising rents and decreasing inventory, smaller firms and start-ups are increasingly pushed to what one broker called, “the northern fringe of midtown south,” Crain’s reported. The growing digital advertising management company Operative Media recently expanded from its Flatiron District office, signing an eight-year lease for two floors, totaling 30,720 square feet at 6 East 32nd Street. The asking rent at the building owed by Meringoff Properties was $41 per square foot – slightly under the July’s average ask of $46.42 in Midtown South.

Mark Stein and Jason Vacker of Meringoff Properties represented the landlord and Jones Lang LaSalle’s Jim Wenk and Ryan Masiello represented Operative Media in the deal. “We’ve seen tech companies expand the boundaries of their searches, due to the limited amount of available real estate in Midtown South proper,” Wenk said.

Big tech companies leasing in Midtown South, such as Google, Tumblr and Yelp, have increased rents and soaked up inventory to such an extent that Queens is seeing a boom in start-up leasing activity[Crain’s] – Christopher Cameron


Related Articles

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
Opendoor CEO Eric Wu (Getty, Opendoor)
Opendoor expands to Miami, 5 additional markets
Opendoor expands to Miami, 5 additional markets
Meet the 20-somethings funneling their crypto millions into real estate
Meet the 20-somethings funneling their crypto millions into real estate
Meet the 20-somethings funneling their crypto millions into real estate
Last year more people relocated to ZIP codes with lower home values and more space. (Getty)
Long-distance movers found cheaper and larger homes in 2020
Long-distance movers found cheaper and larger homes in 2020
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Colony CEO Marc Ganzi and TRD’s Hiten Samtani
WATCH: Marc Ganzi on Colony Capital’s digital transformation
WATCH: Marc Ganzi on Colony Capital’s digital transformation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...