By REW | Real Estate Weekly
Silverstein Properties announced that the company has signed a 10-year lease with Mediaocean, a provider of advertising software, to relocate from Midtown South to 51,000 s/f on the entire 8th floor of 120 Broadway.
Mediaocean is the latest TAMI (Technology, Advertising, Media, and Information) tenant to move to Downtown Manhattan.
“The world’s fastest growing companies are moving Downtown,” said Larry Silverstein, Chairman of Silverstein Properties.
“With the best transit, restaurants, amenities and space in the City, Lower Manhattan has become the neighborhood of choice for technology, media and advertising firms. I’m delighted to welcome Mediaocean to 120 Broadway and wish the company all the success in the world.”
“The historic and ornate architectural features of 120 Broadway will provide an inspiring backdrop to the innovative and global work we are doing,” said Jessica Breault Ramirez, Chief of Staff.
“Downtown Manhattan is a thriving neighborhood that is experiencing an influx of technology companies calling this area home. The extensive transportation access, diverse office inventory and local cultural offerings are just some of the reasons why we decided to relocate here. This culture of innovation is ideal for our New York headquarters, and we look forward to joining the neighborhood’s growing class of technology companies.”
According to recent findings from the Downtown Alliance, Downtown Manhattan has progressively emerged as one of Manhattan’s most centralized hubs for TAMI companies.
With the nearby World Trade Center campus home to more TAMI tenants — including Zola, Casper, Asana and MediaMath — than any other office building in the city, Lower Manhattan continues to welcome thousands of new employees within this sector.
Lower Manhattan completed 2018 with its best quarter of new leasing activity since the second quarter of 2011 with over 2.12 million square feet of new activity. The fourth quarter’s strength helped make 2018 the best year for leasing activity since 2014 with a year-end total of 5.5 million square feet.
“Lower Manhattan is where ‘today’ happens,” said Jessica Lappin President of the Alliance for Downtown New York. ”Mediaocean’s relocation is just the latest piece of evidence that Lower Manhattan is among the most compelling headquarter destinations for cutting edge companies.”
120 Broadway features vaulted ceilings, gold leaf accents, marble floors and hand-carved architectural detailing throughout. The building is currently undergoing a $50 million-dollar renovation to provide new tenant amenities, including fitness classes, upgraded interior and exterior features and a revitalized rooftop amenity space, once home to the legendary Bankers Club, that will be the largest outdoor space in an office building Downtown.
Current tenants of 120 Broadway include Beyer Blinder Belle, Macmillan Publishers, Handel Architects and New York Life.
Lease negotiations were handled by Camille McGratty, Vice President of Leasing, on behalf of Silverstein Properties and by Howard Nottingham and Allyson Bowen of Savills on behalf of Mediaocean.