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Technology Stocks : DoubleClick Inc (DCLK) -- Ignore unavailable to you. Want to Upgrade?

To: PetroLou who wrote (705)	2/2/1999 4:27:00 PM
From: RAVEL	Read Replies (1) \| Respond to of 2902

New York-Based Internet Media Company Signs Deal for New Headquarters Feb. 2 (Daily News/KRTBN)--DoubleClick, the fast-growing Internet company, is moving uptown in a $67 million real estate deal that includes the largest city and state incentive package ever granted to a new media company, according to city and company officials. Opting against relocating part of its operations to New Jersey, DoubleClick is moving its headquarters from two locations in the financial district to 450 W. 33rd St., where it will occupy the old space of Sky Rink, which closed four years ago, and one other floor. The company, one of the biggest brokers of advertising space on the World Wide Web, will get up to $4 million in tax breaks and other benefits if it continues to grow. Under the deal, DoubleClick will get $1 million if it maintains the current staff of 260 during its 15-year lease. It will get up to $3 million more if it adds at least 704 more jobs. "This locks in the growth of this company for 15 years," said Charles Millard, president of the city's Economic Development Corp., which negotiated the deal. The pact marks an important rite of passage for DoubleClick, one of the numerous high-flying Internet companies whose stocks have soared to incredibly high levels in recent months. DoubleClick's stock, which has dipped as low as $13.50 during the past year, closed yesterday at $108.62, up 12 3/8. The company's staff -- and need for office space -- has ballooned as well. It was founded just two years ago in an Atlanta basement with a staff of two: co-founders Kevin O'Connor and Dwight Merriman. Since then, the pair hasn't looked back. "Last year, we hired on average a person a day," said Amy Shapiro, a DoubleClick spokeswoman. Like many rapidly expanding Internet companies, DoubleClick has had to lease space in several locations. The deal at 450 W. 33rd allows it to put its entire New York operation under one roof. The Doubleclick lease also marks a milestone for John Hancock Mutual Life Insurance. It now has succeeded in leasing most of the building's 1.6 million square feet of space. Besides DoubleClick, other tenants include the Daily News and WNET, Channel 13. Shapiro said DoubleClick plans to convert the old top floor skating rink into conference facilities. The company also is looking to put a basketball court on one of the two outside decks that are included in the lease, she said. The building originally was a warehouse and shipping building for the defunct E.J. Korvette department store chain. John Hancock took it over and turned it into an office building following Korvette's 1981 bankruptcy. By Peter Grant -0- Visit the New York Daily News at nydailynews.com