Borderfree.com Expands, Extends Lease at NYC’s 292 Madison Ave.
- Apr 29, 2013
Borderfree.com expanded its quarters and extended its lease at 292 Madison Ave. in Manhattan. The e-commerce firm, a provider of technology and services for retailers to transact with consumers worldwide, is relocating one of its two leased spaces in the building to a larger floor. The move expands its footprint by about 5,100 square feet to 22,226 square feet, and is another indication that the owner’s strategy of pre-built renovations on the property to attract youthful technology firms is paying off.
Located at East 41st Street, the 26-story structure was built in 1923 and has about 193,000 square feet of office space with some ground-floor retail. The building is in the center of the vibrant Midtown technology corridor.
Less than a year after moving into pre-built offices on the 5th and 17th floors, Borderfree.com will take over the 4th floor and vacate the 17th, providing a larger full-floor, contiguous two-story space. It will also extend its lease to seven years.
“Borderfree.com leased the two original spaces last year, including the 6,035 square-foot space on the 17th floor, directly from floor plans based on the building’s first pre-built on the 18th floor,” said William Payne in a press release, representing the building owner, 292 Madison Avenue Leasehold, L.L.C. “This expansion is a strong affirmation that our renovation and pre-built programs have been successful.”
Mufson Partnership designed both of the 11,113-square-foot pre-built offices. The renovated floors include modern design elements and contemporary layouts featuring high-tech wiring, internet-ready modems, and many additional electrical outlets.
“We are seeing a growth surge among well-established e-commerce and tech clients,” Gerald Nocera, a principal of asset manager Herald Square Properties, told Commercial Property Executive. “These are not start-ups.”
The renovations have yielded a modern aesthetic that also appeals to prospective tenants in many industries in addition to high-tech, he said. “We designed the remodeled space to showcase the assets of the property. The combination of an older building exterior combined with a modern environment in the interior is attractive to many firms,” he added.
Following a sale in 2011, the building has been rebranded with a marketing campaign that included a new logo, brochure, and updated website to attract financially sound e-commerce and high-tech tenants to expand beyond its professional services base.