Not all the TAMI tenants who are supposedly driving New York City’s office leasing market are taking more space.
Advertising technology firm Rocket Fuel plans to leave its Herald Square digs for a move to the Financial District that will leave the California-based company with less than half its current space.
Rocket Fuel signed a 10-year deal for the entire 10th floor, or nearly 42,000 square feet, at L&L Holding Co.’s 195 Broadway. Asking rent was $58 per square foot, according to the New York Observer, with the company set to make the move in June.
The firm will be leaving its much larger space, however, at Vornado Realty Trust’s 100 West 33rd Street — where it signed a 10-year deal for 90,000 square feet in June 2014.
Rocket Fuel will be subleasing the space at the Vornado property, with the company citing a “focus on improving operating efficiencies through effective expense management.”
L&L Holding, led by David Levinson, and its partners acquired the 29-story building for $206 million in 2005 and sold a majority interest in the property to JPMorgan Chase for nearly $500 million in 2013. [NYO] – Rey Mashayekhi