The company, which has been a tenant in the building for more than 10 years, will continue to occupy the space comprising three full floors in the 138,000-sf building, which is located between Astor Place and Fourth Avenue in the city's NoHo/East Village neighborhood.
Workman was represented in the leasing transaction by Colliers ABR Inc.'s senior managing director Paul Mas and Arthur Nelkin of Nelkin Real Estate Advisors. The landlord, Broadway Wilson Realty, was repped by Jay Casely of First Mark Management.
"This transaction is a good example of how hard landlords will fight to keep a quality tenant," explains Mas. "The company has nearly 40% of the building and several competing landlords made compelling proposals to have Workman as their tenant. But in the end, the company decided to remain in an excellent location just steps away from New York University and some of Manhattan's finest entertainment, shopping and restaurants."
Mas tells GlobeSt.com that Workman did not receive any incentives for renewing and wanted to stay in the Downtown/Midtown South area because of the larger concentration of publishing and creative firms already in the area.
Colliers ABR leases and manages more than 15 million sf of prime office space in the greater New York metropolitan area. According to Colliers most recent figures, Downtown saw a rise in its class A vacancy rate for the second straight month, closing August at 12.7%, up from 12.4% in July and 12.0% in June.
Since 1968, Workman has been publishing trend pieces, calendar in addition to books. The company's other best-selling titles include "B. Kliban's Cat," "The Official Preppy Handbook," "The Silver Palate Cookbook," and the "What to Expect…" series.
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