Flutter Leases Space at One Madison Avenue in New York

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

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.

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 23^rd 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.

FanDuel also has an office in Scotland.