E-commerce firm expands at Marciano’s 292 Madison
Less than a year after moving into the “prebuilt” offices at 292 Madison Avenue, e-commerce company Borderfree.com has expanded and extended its lease at the Midtown building to a total 22,226 square feet. Asking rent was in the high $40s to mid-$50s per square foot, the New York Observer reported.
Borderfree initially signed a lease for the fifth floor and smaller 17th floor of the 26-story, 193,000-square-foot property at East 41st Street. The new seven-year lease sees the company moving from the 17th floor to the fourth floor, giving them contiguous floors and about 5,100 square feet more space.
Marciano Investment Group purchased the building for $85 million in 2011, and has since focused on attracting tech and new media firms to the building, per the Observer.
“They’re dedicated to transforming an old, somewhat tired building into a trendy, cool, upbeat, state-of-the-art building,” Michael Reid, a principal at building manager Herald Square Properties, told the Observer.
One of the perks of being a tenant at 292 Madison is its whole-floor leases, which gives startups a “single-floor identity,” Reid said [NYO] —Sanna Chu