AOL online for NYC HQ.
The new digs, 770 Broadway, are in a 15-story Greenwich Village building owned by Vornado Realty Trust. AOL will occupy the fourth and fifth floors, totaling 152,000 s/f of space.
AOL will house its senior management there beginning next spring. Though they'll retain offices in Dulles and Mountain View, Calif., the lease enables AOL to staff its advertising and programming operations in New York.
"New York City is the center of advertising, so it makes perfect sense to locate our corporate headquarters here," said Randy Falco, chairman and CEO of AOL. "With the increasing fragmentation of online audiences, the best way to serve advertisers is to enable them to harness massive advertising networks that reach across the entire Internet, not just our AOL Web sites." The network, called Platform A, will incorporate three recent AOL acquisitions: ADTECH, a global ad serving platform; Third Screen Media, a mobile phone/network company; and Tacoda, a behavioral online advertising agency. According to AOL, Platform A already has the ability of reaching more than 90% of the domestic online market.
The changes represent strides AOL is taking to expand its advertising influence in a global market. They plan to build this expansion on four key goals: creation of a world-leading display advertising network, products/program leadership on the Web, rapid international growth, and right-sizing the company's cost structure.
The 15-year lease runs through 2022. Martin Homer, of The Staubach Company, represented AOL.
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|Publication:||Real Estate Weekly|
|Date:||Sep 26, 2007|
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