In a major leasing transaction that reinforces Midtown West's growing appeal to technology, advertising, media and information (TAMI) companies, the Rudin Family has signed a lease renewal and expansion with its longtime tenant, worldwide media company Publicis Groupe, involving 580,000 s/f of office space at 1675 Broadway, until 2031. The deal is the largest lease transaction completed in the Manhattan office market year-to-date in 2015.
Publicis currently occupies the building's 2nd through 16th floors with digital and media buying division Starcom MediaVest Group in the majority of that block, while the company's advertising agency, Publicis/KTG, is situated on floors 28 through 30, for a total of 480,000 s/f.
In addition, Publicis Worldwide North America will relocate to 1675 Broadway and take an additional 100,000 s/f comprising the entire 24th through 27th floors. The group plans to move from 950 Ave. of the Americas at the end of 2015 into the beginning of 2016.
The closing of the leasing transaction comes on the heels of an award at 1675 Broadway. The 35-story, 800,000 s/f property, which is located at the corner of Broadway and West 52nd St., was named Wired Certified Platinum for best in class Internet connectivity, making it the highest achievement that a commercial property can receive from WiredScore.
Built in 1989, the green-gray Canadian granite office building was built using the air rights over the adjacent Broadway Theatre. Designed by architectural firm Fox & Fowle, the property features an Italian marble-clad lobby with vaulted ceilings, virtually column-free floor plates that can create 10 corner offices and an in-building, 60-car parking garage.
Upon closing the new transaction, Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of Rudin Family holdings, said, "We're delighted that 1675 Broadway will continue to serve as the home for this global media firm which has been headquartered in our building for nearly three decades. Our property at 1675 Broadway is one of Midtown's most visible and accessible addresses with spectacular views of Times Square and beyond. This significant renewal by Publicis further demonstrates that 1675 Broadway and New York City are a media and technology powerhouse."
Thomas Trepanier, senior vice president and director of real estate at Publicis Groupe /Re:Sources USA, said, "We are delighted to be expanding and extending our commitment in 1675 Broadway. Our history in this building has been long and successful, and we look forward to enjoying our relationship with the Rudin family well into the future."
Joseph Thanhauser and Gordon Ogden of Byrnam Wood represented the tenant in the long-term transaction, while Robert Steinman, Vice President at Rudin Management Company, represented the building's ownership in-house. Asking rents are $75 per square foot.
According to Mr. Steinman, the Rudin Family is currently marketing a contiguous block of 170,000 square feet on the 17th through 23rd floors that will be available for long-term lease starting in September 2015. These virtually column-free floors are each approximately 25,000 square feet. Tags: