NEW YORK CITY—Media iQ Digital is sticking with commercial real estate firm, the Feil Organization, and tripling its space. The international analytics technology company is moving from 853 Broadway to 261 Fifth Ave. It has signed a 10-year lease at $85 per square foot to occupy the entire 25th and 26th floors of the landmarked building.
Media iQ is expanding its office space from 8,013 square feet to 23,000 square feet. The new location will include exclusive access to a significant portion of a private rooftop terrace. The lease brings the 405,000 square-foot Fifth Avenue building to more than 87% occupancy.
“We were thrilled to accommodate the rapid growth of an existing tenant within our portfolio of 14 buildings in New York City,” says Brian Feil, VP of leasing for the Feil Organization. “This proves that our strategy of owning corner buildings in great locations near transportation and of various size around the city allows us to establish and maintain long-term relationships with our tenants.”
Rebecca Mahony, CMO at Media iQ, notes the move provided a convenient location, and credited the Feil Organization for recognizing the company's growth and need for more space. Over the past 10 years, the real estate firm has renovated and upgraded the majority of their office properties.
At 261 Fifth Ave., approximately 50% of the tenants are in the homegoods industry and 50% are general office users. Other tenants include Himatsingka USA, Richloom Fabrics Group, Dan Klores Communications and Tumi Inc.
Built in 1926, the 26-story tower features classic Art Deco architecture and contemporary amenities. It was recently renovated with a new lobby, façade, corridors and elevator dispatch system. Located on 29th Street between the Flatiron and Garment Districts, the building is close to Madison Square Park, in a historic district that has attracted not only residential, retail and restaurant businesses but also notably the TAMI sector.
David Turino, director of commercial leasing at the Feil Organization, represented the firm while Brian Palumbo provided in-house legal counsel for Feil. Frank Coco and Owen Hane of JLL represented the tenant.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
