NEW YORK CITY—The digital advertising company Undertone has signed a more than seven-year lease at One World Trade Center, owned by the Port Authority of New York and New Jersey and the Durst Organization. In January 2019, the digital branding enterprise that's a division of the publicly traded company Perion Network, Ltd. will relocate its current US headquarters from the Grand Central submarket at 340 Madison Ave., between 43rd and 44th streets in Midtown Manhattan to the iconic skyscraper.
A Durst spokesperson tells Globest.com that Undertone will rent 25,550 square feet on the 77th floor at $69 per square foot. It will have the first right of refusal for additional space on the same floor.
Many tech, advertising, media and information (TAMI) tenants are attracted to the newer product at the World Trade Center building, which offers state-of-the-art technology and modern floor designs. Undertone will be joining Conde Nast, Servcorp, GroundTruth and Infosys Technologies.
The office will be designed by Amy Howell, founder of the architecture firm, Forge. Integrating space-planning, furnishings and public and private workspaces, the interiors will be created to foster innovation, collaboration and inclusion.
The new office will accommodate Undertone's plans to increase its employee count, by up to 65%. “We are thrilled to be moving our headquarters into One World Trade. It's an important step in expanding our ever-growing influence in today's digital world,” says Michael Pallad, president of Undertone.
Managed, operated and leased by the Durst Organization, One World Trade Center has become one of the most recognized office addresses in the world. The design, construction, sustainability and striking appearance have been praised as bolstering the main building of the World Trade Center site as a milestone in the revitalization of Lower Manhattan.
“One WTC has become a center for growing companies that need flexibility, want community and require a building with amenities and services that can attract and retain talent and customers,” says Jonathan (Jody) Durst, president of the Durst Organization. “We are proud of the culture and of innovation we have established at One WTC and are excited about our partnership with Undertone.”
JLL's Paul Ferraro and Deborah van der Heyden represented Undertone. The landlord was represented by Eric Engelhardt of the Durst Organization and Tara Stacom, Justin Royce, Peter Trivelas, Barry Zeller and Connor B. Daugstrup of Cushman & Wakefield.
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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.
