Meringoff Properties, Inc. announced that xAd, Inc. a mobile location-based ad platform offering targeted search and display advertising, has signed a 10-year, 21,100 s/f lease to occupy the entire 11th floor of 401 Park Avenue South.
The 250,000 s/f, 12-story office building sits in the heart of Midtown South, Manhattan’s leading enclave for the creative technology industries.
“We have actually witnessed the center of the universe for the technology and creative industries shift to this 24/7 neighborhood, and we are delighted to welcome such a thriving company to the building, while enabling them to expand in this flourishing sector of the City,” said Stephen Meringoff.
The property owner said the deal was the first of several about to be signed following an extensive repositioning of the property that included two new lobbies, new building systems and infrastructure, new floors and exposed steel columns, all of which are attracting burgeoning technology companies like xAd.
Formerly, xAd occupied offices at 72 Madison Avenue. Jon Mayeske of Cushman & Wakefield represented xAd, Inc. in the transaction, while Mark S. Stein, senior vice president, and Jason Vacker, vice president, acted in-house on behalf of ownership.