Ovid Signs 37,500 SF Lease Renewal

NEW YORK CITY-In a transaction designed to accommodate increased office space requirements while remaining at 333 Seventh Ave., Studley orchestrated a new 37,500-sf lease on behalf of medical information services provider Ovid Technologies Inc. The firm committed to a 12-year lease for the building’s entire 19th, 20th and 21st (penthouse) floors. Ovid previously occupied 20,000 sf which comprised the entire 4th floor of the 389,000-sf building, located between 28th and 29th Streets. Asking rents in the area are high 20′s to low 30′s per sf.

Working with the building’s owner, Samco Properties, Studley structured a transaction in which the landlord terminated Ovid’s existing lease obligation prior to its January 2004 expiration. The building’s top three floors were previously occupied by MKTG Services. The firm, in an effort to consolidate, decided to lease space on the building’s 18th floor. The floor was originally available for sublease, but after the tenant’s commitment was terminated, MKTG was able to lease the space directly from the landlord, freeing its prior offices up for a long-term direct lease.