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Two Trees Management clinched a deal with an advertising firm in the Flatiron District, Commercial Observer has learned.
Clinch signed an 8,705-square-foot lease at 50 West 23rd Street, in an expansion from its current nearby headquarters at 37 West 20th Street, according to the tenant, who did not disclose the asking rent or the length of the lease.
Average asking rents in the second quarter of 2023, however, were around $82 per square foot in Midtown South, a recent report from Colliers detailed.
Clinch, which is expanding by an unknown amount of space, did not immediately disclose the names of brokers on its side of the deal. Alyssa Zahler and Jarad Winter represented Two Trees in-house but did not immediately respond to a request for comment.
The tenant, which uses artificial intelligence technology in its digital ad targeting strategy, will be occupying the 13-story, Beaux-Art cast-iron building within the next month, where it will have access to an 11,000-square-foot landscaped roof deck.
Other tenants in the building include Foursquare, Kaiyo and Trustpilot, which took 34,000 square feet across the 10th floor in May 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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