The Trade Desk inks 49K sf sublease with Gilt Group
Ad tech firm relocating to Morgan Stanley’s 2 Park Ave. from William Fung’s 286 Park Ave. South
Advertising-technology firm the Trade Desk, which is reportedly heading for an initial public offering, is wasting no time upgrading to bigger digs.
The seven-year-old company is relocating to 2 Park Avenue, where it’s signed a sublease with online fashion retailer Gilt Groupe for 49,000 square feet.
The startup currently occupies 13,121 square feet at William Fung’s HSR Corporation’s 386 Park Avenue South, according to CoStar, and is almost quadrupling its footprint with the move several blocks north.
The company is taking over the full fifth floor from Gilt Groupe for the remaining six years of its lease at Morgan Stanley’s 2 Park Avenue, where the online retailer inked a deal for two full 49,000-square-foot floors in 2010.
CBRE [TRData] negotiated both sides of the deal, which a source not connected to the transaction said was inked at $64 per square foot.
The Trade Desk is one of many companies in the rapidly expanding yet volatile ad-tech field where technology is used to automate the advertising-buying process. In recent years, similar companies such as Collective Media and Rocket Fuel have grown at break-neck speed, only to slash their real estate footprints when the companies had to cut back.
According to the advertising industry blog AdExchanger, the Trade Desk’s revenues grew 7,000 percent in 2014 to $202.1 million, and the company may already be in the process of submitting paperwork with the Securities and Exchange Commission indicating plans to file for an IPO.
Forbes Magazine named the firm America’s 9th most promising company.