Meringoff Props. signs 21,100 s/f lease with xAd, Inc.

Meringoff Properties, Inc. revealed that xAd, Inc. a mobile location-based ad platform offering targeted search and display advertising for national and global businesses, has signed a 10-year, 21,100 s/f lease to occupy the entire 11th floor of 401 Park Ave. South. Situated on the southeast corner of East 28th Street and Park Ave. South, the 250,000 s/f, 12-story office building, is located in the heart of Midtown South, Manhattan's leading enclave for the creative/digital/high tech/advertising industries. "It was a pleasure to work with such committed owners and their team on this transaction," said Stephen McCarthy, CFO of xAd. "They were hands on throughout the entire process and treated us like partners. We are thrilled to call 401 Park Ave. South our new home and are designing spectacular space to support us as we continue to grow xAd." "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, who added that "this is the first of a handful of new leases about to be signed following an extensive repositioning of the property that included two new lobbies, new first-class building systems and infrastructure, wide-open sun-drenched floors with high ceilings, new hard-wood 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 & Director of Leasing and Jason Vacker, Vice President, acted in-house on behalf of ownership. Gene Caiola, Esq., of Kilpatrick Townsend & Stockton LLP represented the tenant, and Rob Sorin, Esq., Jennifer Yashar, Esq., and Ilana Ettinger Esq. of Fried Frank, Harris Shriver & Jacobson LLP acted for the landlord.