The Can Company building in Canton. Photo from Flickr user Brett VA under Creative Commons for Attribution.
Speaking in April 2013, Paul Palmieri — the cofounder and CEO of global mobile advertising company Millennial Media — said the company is sticking around Baltimore.
This came days after the Baltimore Sun reported that Millennial Media was “focused on deepening its roots in Baltimore.”
And while an updated lease Millennial Media signed in early 2013 had Palmieri and his roughly 200 employees hanging around the company’s Canton headquarters inside the Can Company only through March 2015, Millennial will be sticking around Baltimore for much longer: the company just signed a new, 10-year lease at the Can Company, increasing the size of its now 40,000-square-foot office to 96,000 square feet.
The 96,000-square-foot lease is valued at $1.8 million annually, or $18.75 per square foot, according to a company filing. The expansion will mostly take place in the 50,000-square-foot former Emerging Technology Center space the Center vacated in the adjacent Can Company factory building last year.
As Technical.ly Baltimore has reported, the Emerging Technology Center vacated its Canton office for new space in Highlandtown in October 2013.
For Millennial, this is both a bold move and bold news coming on the heels of a recent round of equity funding worth $175 million. According to the Baltimore Business Journal, Millennial Media is expecting to hire more people who will be working from the company’s Baltimore city headquarters. (Millennial employs more than 430 people internationally, about 200 of whom work from the Baltimore office.)
The company’s financial struggles, however, have persisted since its initial public offering in March 2012. Millennial Media’s revenues were up in Q3 of 2013, but the company is still recording losses, a trend that keeps happening.