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Simplebet, a sports betting technology firm, is buying points with its office landlord, ATCO Properties & Management, having renewed its offices at 373 Park Avenue South, Commercial Observer has learned.
The firm signed a renewal to keep its 8,732-square-foot offices on the ninth floor of the 12-story building, according to the landlord. ATCO did not disclose the rent on the lease but said asking rent was $62 per square foot.
Simplebet, founded in 2018, moved into the 110,000-square-foot building between East 26th and 27th streets in July 2021, eight months before sports betting was made legal in New York state in March 2022, signing a 25-month deal. Prior to that, it rented space at Vornado Realty Trust’s One Penn Plaza.
“Renewals from strong tenants like Simplebet … are a testament to the quality of our assets, as well as our hands-on management approach and steadfast commitment to our tenants,” Kate Hemmerdinger Goodman, co-president of ATCO, said in a statement.
Jamie Katcher and Henry Korzec of Raise Commercial Real Estate negotiated the deal on behalf of Simplebet while ATCO was represented by Robert Tunis, Kyle Berlinsky and Joseph Mangiacotti of Colliers.
Neither brokerage responded to a request for comment.
Aside from Simplebet, ATCO recently retained two other tenants in different properties: Electra Information Systems renewed its 4,494-square-foot lease on the 14th floor of 381 Park Avenue South for five more years, and All Nippon Airways reupped the 4,251 square feet it leases at 630 Third Avenue for seven years.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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