Grey Group, a communications organization, is moving its headquarters to Midtown South's Flatiron district. In a deal arranged by CB Richard Ellis Group, Inc. (CBRE), Grey signed a lease to occupy 369,973 s/f at 200 Fifth Ave., a building owned by L&L Holding Co., LLC. Under the terms of the 15-year agreement, Grey Group and Grey New York, its flagship advertising agency, will occupy floors 2 through 7 at the landmark 200 Fifth Ave., the former International Toy Center, located directly across the street from Madison Sq. Park.
The transaction is one of the largest leasing deals completed in Manhattan during 2007. Grey Group is one of the world's foremost marketing organizations, operating in 97 countries, and is part of the WPP Group.
Jim Heekin, chairman and CEO of Grey Group, said "Our move to this premier location is another step in the revitalization and transformation of Grey. It is an exciting destination that will serve our needs and growth plans well into the future."
"We are very excited to have Grey Group as our anchor tenant at 200 Fifth Ave.," said David Levinson, principal of L&L Holding Co., LLC.
Acquired by L&L Holding Company,LLC earlier this year, the 800,000 s/f 200 fifth Ave. is scheduled to undergo a full-scale $100 million redevelopment. The building's renovation, being orchestrated by Studios Architecture with the help of Landscape Designs.
Grey Group was represented by CBRE's Casey Hirschhorn, Mary Ann Tighe and Gregory Tosko. L&L Holding was represented in-house by David Berkey along with Eric Deutsch, Howard Fiddle and Jason Pollen of CBRE's Agency Group.
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