The Real Deal New York

Offerpop inks 45K sf sublease for PAS penthouse offices

TPG Architecture renting out its space at Reed Elsevier’s Flatiron property

Digital marketing software firm Offerpop signed a seven-year sublease on the top two floors of Reed Elsevier’s 21-story Flatiron office building at 360 Park Avenue South, The Real Deal has learned.

The 45,000-square-foot space is currently leased to TPG Architecture, which primarily operates out of 132 West 31st Street in a space of similar size. Offerpop is slated to relocate its headquarters to 360 Park Avenue South by the middle of next month.

Asking rent was in the high $50s per square foot, brokers told TRD.

Mitchell Kunikoff of Lee & Associates represented the sublessee, while Paul Ippolito and Jim Landsaw of Newmark Grubb Knight Frank represented Anglo-Dutch publishing firm and landlord Reed Elsevier. Elsevier’s corporate U.S. headquarters is located there.

Offerpop, which raised $15 million in Series C funding in June, has been occupying the eighth floor at 36 East 31st Street.

The 365,000-square-foot Park Avenue South property, between 25th and 26th streets, features 15-foot-high ceilings.