Details of the 11-year lease at the Metropolitan Tower were not released but asking rents for available space on the 16th floor of the 78-story residential and commercial building are $68 per sf. Arbitron occupies the 11th and 12th floors and part of the 10th floor.
Arbitron's former parent company, Ceridian Corp., which occupies 24,000 sf on the building's 9th and 11th floors, also renewed its lease for 11 years. Ceridian--a tax- and payroll-processing firm--and Arbitron have occupied their current spaces for roughly 15 years. Arbitron was spun off from Ceridian earlier this year.
Both tenants were represented by Cushman and Wakefield senior director Joseph A. Fabrizi and executive director William Leahy. David Levinson, vice chairman of Insignia/ESG, and Robert Lapidus, president of L&L Acquisitions, represented building owner 142 W. 57 St. LLC.
"Ceridian and Arbitron wanted to remain in their current locations," says Fabrizi. "The building has served them well since 1987, when it was originally developed."
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