FanDuel, a fantasy sports startup valued at $1.3 billion, is taking the top three floors of Rockrose Development’s 300 Park Avenue South, The Real Deal has learned.
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- Mar 21, 2016 New York is a critical state for FanDuel. FanDuel is headquartered in Manhattan, where we employ more than 170 young, smart, passionate fans who are committed to innovating and providing the best fantasy experience possible.
Fresh off a $275 million Series E financing round, FanDuel is upgrading from 9,000 square feet in Union Square to 41,000 square feet in what is shaping up to be Manhattan’s premier district for media and technology startups.
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Asking rents at Rockrose’s 14-story,170,000-square-foot property average $80 per square foot. The developer is renovating the rooftop as a building-wide amenity space for screening films and sporting events, according to Ted Traum, director at Rockrose. FanDuel is slated to move in by October.
Cushman & Wakefield’s Mikael Nahmias and Hunton & Williams’ Anthony Bonan represented the landlord, while Colliers International’s Robert Kennedy and Mintz & Gold’s Heath Loring represented FanDuel.
Founded in 2009, FanDuel’s investors include KKR, Time Warner Investments, Google Capital and others. In June, its chief rival DraftKings inked a five-year lease for its first New York City office – a 23,500-square-foot spread at 400 Lafayette Street in Noho, as TRD reported.
Tenants at 300 Park Avenue South include public relations firm M. Booth & Associates and talent agency Wilhelmina Models. The property’s ninth and 11th floors are currently available for lease. TAMI tenants in the neighborhood include Business Insider, Hulu, Mashable and MasterCard.
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Formerly known as the Mills & Grubb Building, 300 Park Avenue South was built in 1910 as an industrial printing plant. Rockrose, a family-run development firm founded by Henry Elghanayan, bought the parcel in 1999. The firm has been busy developing massive rental towers in Long Island City, having recently secured a $270 million construction loan for 974 apartments planned for 43-25 Hunter Street.
PHILADELPHIA & NEW YORK--(BUSINESS WIRE)--Today, Entercom Communications Corp. (NYSE: ETM) and FanDuel announce a six-year partnership designating FanDuel, the leading online sports and entertainment company, as the official sportsbook partner of Entercom across its best-in-class sports broadcast stations and RADIO.COM, the fastest growing digital audio platform in America. The partnership brings together America’s #1 Sportsbook with the #1 sports audio company in the United States.
This ground-breaking deal unites two industry titans in a shared mission to entertain, engage, and inform sports fans around all aspects of the game and represents a new model between a sports gaming operator and sports media platform. As part of the deal, Entercom listeners will have unique access to FanDuel odds, insight, and promotion via Entercom on-air stations and personalities. Entercom and FanDuel will also collaborate on in-depth integrations and co-produce content that will pioneer the industry with all-new formats.
Under the agreement, FanDuel will be the official sportsbook of Entercom, and receive preferred and increased category access to all Entercom talent in every market where Entercom and FanDuel both operate. The partnership brings FanDuel’s sports betting content, industry-leading products, and risk and trading expertise to the fingertips of Entercom sports fans via a comprehensive integration across the largest sports audio platform in the country.
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“Entercom has revolutionized the audio and entertainment industries and we’re beyond excited to be their preferred partner in the sports betting and fantasy categories, said Matthew King, Chief Executive Officer, FanDuel. “In the two years we have been doing business with Entercom, it is abundantly clear to us that their authentic connection to sports fans is one of the best ways for us to engage FanDuel customers. We will work together to offer sports fans access to information wherever, whenever, and however they consume content, providing them with the tools to learn and win.”
“We believe this is the largest advertising commitment ever made within the radio industry. We are focused on delivering the best sports betting experience for our audiences in markets where legalized sports betting will be pervasive,” said David Field, President and Chief Executive Officer, Entercom. “The marketplace is growing exponentially and FanDuel is an ideal partner to take full advantage of the influence and reach of Entercom’s robust sports platforms to deliver an even better, audio sports experience to our listeners.”
Entercom is the unrivaled leader in sports radio, reaching three times more people than the leading competitor. Entercom is the #1 sports radio ownership group, which owns and operates 39 all-sports stations across the U.S., including WFAN 101.9 FM/660 AM (WFAN-FM/AM) in New York, SportsRadio 94WIP (WIP-FM) in Philadelphia and 670 The Score (WSCR-AM) in Chicago. Its unparalleled broadcast portfolio reaches nearly 30 million sports fans monthly and boasts the nation’s leading collection of radio play-by-play coverage. Entercom also serves as the flagship home of 41 professional teams and over 50 Division 1 collegiate programs, including the New York Yankees and Boston Red Sox, Dallas Cowboys and Kansas City Chiefs, Golden State Warriors and Chicago Bulls, and University of Michigan and University of Oregon, among others.
FanDuel was represented in the conversation by AdResults Media.
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About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the #1 creator of live, original local audio content in the U.S and the unrivaled leader in local radio sports and news. Home to the nation’s most influential collection of podcasts, digital and broadcast content, and premium live experiences, Entercom engages over 170 million consumers each month. Available on every device in every major U.S. market, the company delivers the industry’s most compelling live and on-demand content and experiences from voices and influencers its communities trust and love. Entercom’s robust portfolio of assets and integrated solutions offer advertisers today’s most engaged audiences through targeted reach, brand amplification and local activation—all at national scale. Learn more at www.entercom.com, Facebook and Twitter (@Entercom).
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About FanDuel
FanDuel is part of the FanDuel Group, an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. FanDuel is the premier fantasy sports gaming destination in the United States with a presence across 45 states and 8.5 million customers. The FanDuel brand is based in New York with offices in Florida, Oregon and Scotland.