Less than a year after moving into pre-built offices on the 5th and 17th floors at 292 Madison Avenue, e-commerce company Borderfree.com is expanding.
The company — formerly Fifty-one Global E-Commerce — is relocating one of its offices to a larger floor that expands its footprint to 22,226 s/f. In addition, it is extending its lease to seven years. The move places the e-commerce company on the 4th and 5th floors of the pre-war building, which is located at the corner of Madison Avenue and 41st Street, in the center of the Midtown technology corridor. Both of the 11,113 s/f pre-built offices were designed by the Mufson Partnership.
“Borderfree.com leased the two original spaces last year, which included a 6,035 s/f office on the 17th floor, directly from floor plans based on the building’s first pre-built on the 18th floor,” said William Payne on behalf of the building owner, 292 Madison Avenue Leasehold, LLC.
“This expansion is a strong affirmation that our renovation and pre-built programs have been successful.”
Michael Reid, a principal of asset manager Herald Square Properties, added, “The vision of the new ownership to transform 292 Madison Avenue into a property that appeals to high technology and e-commerce tenants has been realized.
“The renovations that were implemented, from interior design through infrastructure enhancements, are clearly attracting high-growth tenants, such as Borderfree.com.”
Representing the owner in for the transaction were William G. Cohen, executive vice president and principal, and Ryan Kass, senior managing director of Newmark Grubb Knight Frank.
Cassidy Turley’s David L. Hoffman, Jr., executive managing director, and Bryan Boisi, associate represented the tenant.