Online ad firm quadruples space

By: Damian Ghigliotty

Travel Ad Network needs more room to grow workforce.

Online advertising agency Travel Ad Network has signed a 10-year lease for 10,500 square feet at 55 Broad St., between Exchange Place and Beaver Street. Asking rent was $45 a square foot.

The agency will take the entire 24th floor of the 30-story building, which is in a neighborhood that is attracting media and communications companies. The move will give the tenant about four times the space it has at 291 Broadway. It plans to move by Sept. 1.

Travel Ad Network recently secured $15 million in funding and plans to increase its staff of 10 by as many as 65 people.

Eugene Baumstein, vice president of landlord Rudin Management Inc., negotiated the deal in-house. Brokers David Dusek and Robert Lawlor of Studley Inc. represented the tenant.

“The space was brand-new, so they were able to capitalize on the furniture and finishes,” Mr. Dusek said. “They didn’t want to have to go out and build space, and there was a lot of flexibility in this deal.”