Expands, Extends Lease at NYC’s 292 Madison Ave.

E-commerce firm expanded its quarters and extended its lease at 292 Madison Ave. for an additional seven years. 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, 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.

“ 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.