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Deals & Dealmakers

Feeding hungry tech start-ups serving Milstein Properties well

Silicon Valley-founded tech company Addepar is expanding its office space at 335 Madison Avenue to 25,000 s/f.

The investment management technology company opened its first 3,000 s/f office in the Milstein Properties-owned building in 2013, rapidly expanding as the company grew, raising more than $50 million in funding.

“We are thrilled that Addepar has chosen to expand its office space at 335 Madison, and we look forward to seeing their business continue to expand in New York,” said Michael Milstein, partner at Milstein Properties.

“335 Madison has become a leading tech hub for young startups in New York City, through innovative companies like Addepar and the growing number of successful startups coming out of Grand Central Tech. It’s a thriving startup community in the heart of East Midtown.”

Eric Poirier, CEO of Addepar, said the firm opted to expand at 335 Madison because of its location, connected to Grand Central Terminal, at the nexus of convenient transportation options for employees, and within walking distance to many of its clients.

“335 Madison has become a comfortable home for young and hungry tech companies,ˮ added Poirier.
“The management team at Milstein Properties has an impressive track record of attracting innovative companies thanks, in part, to their cutting-edge incubator called Grand Central Tech, but largely due to their deep understanding of how innovators work.

“They’ve proven to be a willing and eager partner to Addepar during our aggressive growth by accommodating our precise needs and helping us expand into additional space in the building to suit our needs and fit our specifications.”

Addepar , which will move into its new space in May, is part of the growing tech hub at 335 Madison Avenue, where 20 percent of the building is now tech office space.

Anchored by the Grand Central Tech accelerator, the building also includes the Build co-working space, and the upcoming Hub@GCT for smart cities startups in partnership with the NYC Economic Development Corporation.

Vestorly, a company that spun out of Grand Central Tech’s inaugural class, moved into the 3,000 s/f that Addepar vacated. Of the 18 original startups at the Grand Central Tech accelerator, most are now renting space at Build. This includes HopScotch, the programme teaching kids to code; networking startup Caliber; and NextGenVest, which helps college students manage their financial aid.

By providing flexible work spaces and leases, Milstein Properties caters to fast-expanding companies whose real estate and business can rapidly change.

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