Jason Pizer, director of Trinity Real Estate's Brokerage and Leasing Division, arranged the 10-year transaction working with Cathy Shannon, EVP of @radical.media.
"They looked everywhere," Pizer tells GlobeSt.com of @radical's two-year search process. "They considered buying a building and moving away, but they never really wanted to leave." Office space at the building is advertised at $37 per sf; however Pizer says the deal was not "quite that," calling it "competitive and the number we wanted." He says @radical.media has strong emotional ties to the site because it is where the business has grown over the years.
"Since moving here nearly 10 years ago, we have seen the area's transformation into one of the city's most prestigious office addresses," adds Shannon. "Our lease expansion and re-commitment to the property is a true testament to the neighborhood's allure."
In order to make the deal work, Trinity negotiated a simultaneous lease termination with @radical, which was committed to its original lease for three more years. Because the company wanted contiguous space, other tenants were moved--there were also some lease expirations.
Pizer says Trinity is on the cusp of another large deal in the building for retail and office space and that he is "cautiously optimistic" for the future, as there has been leasing activity at an number of Trinity holdings this quarter.
The nine-story office property houses a mix of tenants including architects, new media and graphic arts firms. The 270,000-sf office was modernized in 1999 and boasts a main lobby featuring marble floors, a wood and marble concierge desk and a matte brass entrance, elevator doors and chandelier. Other tenants in the building include Miss Sixty, a leading designer clothing line and Anschutz Entertainment Group.
@radical.media, Inc. is a global provider of television commercials to the advertising and marketing industries, as well as producers of original television programming, feature films, documentaries, theater and design in emerging media. The firm has additional offices in Los Angeles, London, Paris, Berlin and Sydney. Trinity Real Estate, with more than six million sf currently under ownership, is one of New York City's largest and oldest landlords with a history dating back to 1705.
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