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$56.53M | 6 yrs ago



About Extreme Reach

Extreme Reach aims to provide the first all-software video platform that allows advertisers and agencies to deliver, manage, and track their commercial messages across all three screens of video - TV, web, and mobile.

Extreme Reach Headquarter Location

75 Second Avenue Suite 720

Needham, Massachusetts, 02494,

United States


Latest Extreme Reach News

San Francisco, L.A. Office-Tower Vacancies Threaten CMBS Loans

Sep 3, 2021

September 3, 2021 - Advertisement - (Businesshala) — Office-tower vacancies are on the rise again as the Covid-19 delta variant rises and leases for large tenants are running out, especially in tech centers with older buildings. This can cause cash flow problems for commercial mortgage bonds with debt attached to the properties. - Advertisement - Two of San Francisco’s office properties, 225 Bush and 300 Montgomery, as well as the Cahunga West office building in Los Angeles, have seen occupancy decline, according to a report by Morningstar Credit Information & Analytics. The MCIA said the growing vacancies potentially threaten cash flows for the three loans that were secured in various multiple-debt, or “groove” commercial mortgage-backed securities deals. A $350 million loan tied to the 225 Bush property is secured by a nearly 600,000-square-foot, Class A office building in the Financial District of San Francisco. Previously known as the Standard Oil Building, the structure was built in 1922 and renovated in 2010 according to the MCIA. Occupancy fell from 92.6% to 73% in the first quarter of 2021 after a series of smaller tenants vacated, the firm said. Three of the top five tenants’ leases, which collectively account for 32.4% of the gross leaseable area, will expire in the next 12 months. - Advertisement - 2020 net cash flow was already down 15% at the time the deal was written. To make things even more risky, the MCIA said the loan pays interest only for its entire tenure, which increases the refinance risk at the November 2024 maturity. The loan is divided into five notes secured in commercial mortgage-backed securities: Meanwhile, a $66 million loan for the 300 Montgomery Building, split into two separate CMBS transactions, is collateralized by a nearly 200,000-square-foot building in San Francisco. The property lost tenants in 2020, reducing occupancy to 57% as of December 2020, from 83% a year earlier. On top of that, about 29% of leases are due to expire in 2021 and 2022, the MCIA said. Analysts Heena Chheda and Sneha Ananthakrishnan said in the report, “While the property has historically benefited from its location within the San Francisco Financial District, uncertainty about the future of office work, particularly within the technical center, has led to a significant increase in the number of employees in the region.” may challenge the vacancies. The loan is interest-only, he wrote, making the loan-to-value more than 90%. Hollywood Vacancy “While many tech jobs can be done remotely, some companies are reducing their footprints, leading to increased office space,” MCIA analysts wrote in July. Quoting CBRE econometric advisors, he said rent demand in San Francisco may not reach 2019 rates until 2026. Even the urban areas of Midtown Manhattan and Chicago’s Central Loop have suffered. In Midtown Manhattan, vacancy is up from 7.5% in 2019 to 12.2% in 2021, with vacancy in Midtown’s East Side at 17.1%, the MCIA wrote in July. Quoting CBRE EA, the MCIA said, in Chicago’s Central Loop, 25.9% of all office space is available. In Los Angeles, occupancy in the Cahuenga West office building, which is backed by a $24.7 million loan that is 2.5% of a mortgage-backed security, decreased from 81% in December 2020 to 54% in March 2021. The building’s largest tenant, Extreme Reach, left when its March 2021 lease expired. Extreme Reach occupied 24.7% of the gross leasehold area. The MCIA said that three additional tenants, who represent about 42% of the area, have the lease expiring in 2023. Facebook, Netflix among top tier CMBS tenants The Los Angeles office depends on the entertainment industry – it is near Hollywood, Studio City and Burbank. Analysts at MCIA said the property owner has indicated that he has leased two spaces for review, totaling 8,000 square feet. He said that even with that progress, it will be a challenge to fill in the blanks. Despite dwindling demand for office space, low rents, and uncertainty about how much telecommuting will cost after the pandemic, investors are poised to put money this year into commercial real estate, which they see as high quality, classified as Class A. known as property. They have also bought bonds backed by a portfolio of well-performing shopping centers and malls. Investors have struggled for securitized bonds that offer slightly higher yields than other asset-backed debt and corporate paper. “The rule of thumb is that you can’t go wrong with a Class A office space,” Jake Remley, senior portfolio manager at Income Research + Management, said in an interview. “He will still stand; But there is a lot of instability due to the fact that the urban interiors and the city are really clashing, which is otherwise putting pressure on the top of the CMBS hierarchy. Office Tower Still Hot Despite CMBS Vacancies ©2011 Businesshala LP

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