Flutter Leases Space at One Madison Avenue in New York

Posted on: April 11, 2024, 04:32h. 

Last updated on: April 12, 2024, 09:10h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Flutter Entertainment (NYSE: FLUT) continues expanding its US footprint, recently inking a 12-year lease for 35,898 square feet on the 23rd floor at One Madison Avenue in New York City.

One Madison Avenue
A rendering of SL Green’s One Madison Avenue in New York. Flutter Entertainment leased the 23rd floor there. (Image: NYC Constructors)

That space will be occupied by one of the Dublin-based gaming company’s sports wagering brands, but it hasn’t been revealed which one. Flutter owns 95% of FanDuel, which is the largest online sportsbook operator in the US, but that group already leases space at 300 Park Avenue South. New York serves as FanDuel’s corporate headquarters, so it’s possible the operator is expanding at One Madison Avenue, but Flutter hasn’t commented to that effect.

Flutter adding space at the building, also known as the MetLife Tower, comes just over two months after the company listed its shares on the New York Stock Exchange (NYSE). Last week, it was revealed that at its upcoming annual group meeting on May 1, Flutter will ask investors to approve moving its primary listing to New York from London.

Interesting Gaming Ties at One Madison Avenue

In an interesting gaming-related coincidence, One Madison Avenue is owned by real estate investment trust (REIT) SL Green Realty (NYSE: SLG).

That’s the company with which Caesars Entertainment (NASDAQ: CZR) is partnering on a Times Square casino proposal. Rapper Jay-Z’s Roc Nation entertainment agency is also involved with that pitch.

The Caesars, Jay-Z, and SL Green triumvirate are among roughly a dozen entities vying for three downstate casino permits, which could be awarded by New York regulators later this year. It’s rumored that two of those licenses will go to MGM Resorts International’s Empire City Casino in Yonkers, and Resorts World New York in Queens.

Flutter isn’t involved in the operation of land-based casinos, though the FanDuel brand is used on some retail sportsbooks across the US.

It’s believed the asking rent at the New York space being leased by Flutter was $170 per square foot.

Flutter Aiding Tony US Real Estate

News of Flutter taking control of the 23rd floor at MetLife Tower arrived about three months after FanDuel shelled out $71 million for a new office in Beverly Hills, Calif. The betting company acquired a 50,200-square-foot three-story building at 9000 Wilshire Boulevard, paying $1,410 per square foot.

In addition to its New York and Los Angeles offices, FanDuel also has US outposts in Florida, Georgia, and Oregon despite not offering sports wagering in any of those states. Sports betting isn’t permitted in California or Georgia.

FanDuel also has an office in Scotland.