Mediaplus Group, a media planning and digital strategy firm, leased the entire 11th floor at 432 Park Avenue South in Manhattan. The 10-year deal covers 9,800 square feet and represents an expansion of the company's New York headquarters. Samco Properties owns the building.
The move doubles Mediaplus Group's office footprint in the city. The firm consolidates its media consulting operations into a single floor location on Park Avenue South, a prime Manhattan corridor known for office and creative industry tenants.
Terms of the lease were not disclosed. The transaction reflects ongoing demand from media and advertising agencies for Class-A office space in Manhattan's central business districts, despite remote work trends reshaping the market since 2020.
For tenants, this lease demonstrates that full-floor availability remains attractive for companies seeking consolidated headquarters. Park Avenue South continues to draw media and technology firms seeking prestige addresses with modern amenities. For landlords like Samco Properties, securing a 10-year commitment from an established firm provides long-term revenue stability.
The lease activity underscores recovery in Manhattan's office market among select sectors and prime locations. While the broader office sector faces headwinds from hybrid work arrangements, advertising and media firms continue investing in flagship New York offices to support client relationships and recruit talent.