The Real Deal New York

Tech firm takes 32K sf at Vornado’s 1 Park Avenue

AutomotiveMastermind makes software to help car dealership sales
April 28, 2017 04:40PM

1 Park Avenue and AutomotiveMastermind ‘s Marco Schnabl

Software company AutomotiveMastermind inked a deal to take 32,000 square feet at Vornado Realty Trust’s 1 Park Avenue.

The firm creates software that helps car dealerships target buyers, and currently leases 8,000 square feet at American Realty Capital’s 123 William Street, Crain’s reported. Asking rents in the deal at 1 Park Avenue was around $70 per square foot, according to the publication.

AutomotiveMastermind’s founder, Marco Schnabl, told Crain’s the new office means the company’s New York City workforce will expand from 70 to 200 people.

The lease has options that could allow the firm to grow its office space in in the future, Crain’s reported. The 18-story building spans more than 922,000 square feet. Tenants there include Equinox, Citibank and New York University.

In 2014, Vornado, led by Steven Roth, was reportedly trying to sell the building for $650 million. [Crain’s]Miriam Hall

(To view more office leasing transactions from Vornado Realty Trust, check out our Deal Sheet)