E-commerce firm expands at Marciano’s 292 Madison

Herald Square Properties' Michael Reid and 292 Madison
Herald Square Properties' Michael Reid and 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.

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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

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