Undertone, a leader in digital marketing, announced it will be moving headquarters from its current location at 340 Madison Avenue to part of the 77th floor of One World Trade Center. The company has recently signed a seven-and-a-half-year lease for 25,550 square feet of Financial District office space. The move is expected to happen in January 2019.
The new headquarters will allow Undertone to expand its employee count by up to 65%, a growth driven by ongoing client demand. The firm will relocate from the 40,000 square feet it currently occupies at 340 Madison Avenue, to a smaller, yet more efficient space designed by Forge.
The 104-story, 3.1 million-square-foot One World Trade Center is currently owned by the Durst Organization together with the Port Authority of New York and New Jersey. According to the New York Post, Undertone checked out Hudson Yards, Midtown South and Midtown Manhattan office locations before choosing 1WTC. The asking rent was $69 per square foot, tenants in the building including Condé Nast, Servcorp, GroundTruth and Infosys Technologies. The Undertone deal means that the building is now about 80% leased.
Undertone was represented in the deal by JLL Vice President Paul Ferraro and Managing Director Deborah van der Heyden. The landlords were represented by Senior Managing Director Eric Engelhardt of the Durst Organization, and a Cushman & Wakefield team led by Tara Stacom.
“Undertone was looking for a standout headquarters location that could accommodate a new stage of growth for the firm and help it attract new talent,” Ferraro told the Commercial Observer. “The unbelievable space and amenities afforded by 1 World Trade Center allows its employees to be part of the 24/7 live, work, play atmosphere Downtown. The building also ensures Undertone remains close to its client base.”