Millennial Media doubles size of Can Company HQ to 100K square feet - Technical.ly Baltimore

Business

Jan. 7, 2014 9:30 am

Millennial Media doubles size of Can Company HQ to 100K square feet

The global mobile ad company just signed a new, 10-year lease at the Can Company, increasing the size of its now 40,000-square-foot Baltimore HQ to 96,000 square feet.

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 Baltimore Business Journal reports:

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.)

Advertisement

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.

 

-30-
LEAVE A COMMENT

Advertisement

How a shipping container is connecting strangers around the world

Johns Hopkins spinout LifeSprout raises $6.5 million

A pop-up hotel is moving into one of Baltimore’s new apartment buildings

SPONSORED

Baltimore

How Think|Stack and Year Up are cultivating local tech talent

Baltimore, MD 21201

14 West

Advantage Solution Specialist

Apply Now
Philadelphia, PA OR Remote

Stitch, Inc.

Director, Alliances

Apply Now
Home/Anywhere

The One and Only Corp

iOS/Android Developer

Apply Now

Johns Hopkins tapped to bring student IDs to Apple Watch, iPhone

Hungry Harvest started delivering in Detroit, and is eying more expansion

With $3M in federal funding, Perceptive Navigation sees a path to FDA approval

SPONSORED

Baltimore

Let these free workshops help your business really take off

Baltimore, MD

Rendia

UI/UX Designer

Apply Now
3500 Boston St, Baltimore, MD 21224

SmartLogic

Sales and Business Analyst

Apply Now
Baltimore

Rendia

System Administrator

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!