Mitchell Konsker, executive vice president, and David Dusek, director, of global real estate services firm Cushman & Wakefield, represented The Associated Press along with AP's assistant to the president Dave Tomlin. The deal has a complicated back story. It was an intricate three-party transaction with simultaneous negotiations going on throughout the process. The space's previous tenant, DoubleClick, represented by Paul Ippolito and Michael Ippolito of Newmark & Co., negotiated a lease termination with the landlord, Max Capital Management. Max Capital was represented in-house by Anthony Westreich, along with Peter Riguardi and Cynthia Wasserberg of Jones Lang LaSalle.
The move represents an expansion and consolidation for AP, which plans to move from offices at 45 and 50 Rockefeller Plaza in Rockefeller Center, and 1995 Broadway, where they currently occupy about 205,000 sf in the three buildings. In addition to bringing together as many as 900 employees, AP was able to provide its employees with amenities, such as outdoor terraces, athletic facilities, a health club, cafeteria and an open working environment.
"The space will permit us to upgrade and reconfigure AP news operations in a manner that corresponds to the vast changes of recent years within our company and in the news industry," AP's Tomlin said in a statement. C & W's Konsker said it was a two-year process to find space that could accommodate the news organization's specific technical requirements. 450 West 33rd Street was able to meet The Associated Press' very technical infrastructure needs, including 24-hour HVAC, numerous satellite dishes and generators for extensive emergency power.
"Without question, the move provides The Associated Press with an incredible upgrade in technology in a great, emerging location, while affording the firm substantial economic benefits," says Konsker. "This new headquarters will house the APTN television studios, multi-media newsrooms and executive offices. The office environment is spectacular, with great views of the Hudson and Midtown skyline.
Other tenants at the "media hub" include the New York Daily News, WNET/13 and US News & World Report, says Anthony Westreich, president and principal of Max Capital Management Corp. Built in 1967, 450 West 33rd Street was modernized in 1991. The 1.7-million-sf, 16-story office building is boasts state-of-the-art infrastructure, floorplates of more that 100,000 sf and a newly renovated double-height lobby. Max Capital acquired the property in 1999 and has spent the last three years renovating it.
"The location is just beginning to show its true potential as a 24/7 environment, which is vital for an around-the-clock news organization," Konsker notes, alluding to the City of New York's plans for redeveloping the 59-block area south of 42nd Street and west of Eighth Avenue, known as the Hudson Yards. "With this move, I expect The Associated Press's decision to lease space on the far West Side will be a catalyst for future growth and development in the area."
New York City's plans for the far West Side include new office and residential development, the creation of open space utilizing the waterfront, the creation of a new Jets stadium and an expanded Javits Center. City officials are also planning transportation improvements, extending the No. 7 subway line for greater accessibility.
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