"It's notable to see a company make a move in 2004 when it doesn't have to make a commitment until 2008," Tighe tells GlobeSt.com, adding that this East Side deal and the recently reported PricewaterhouseCoopers' 29-year deal for 800,000 sf in Midtown stand as examples that companies believe the market is at a bottom and moving upward. "It's substantial," she says.

The media giant will begin to occupy the third floor immediately and will move in as a build out progresses. Built in 1958 at the corner of 47th Street and Third Avenue, the 34-story property comprises 761,057 net leaseable sf. Floorplates range from 9,000 sf to 39,000 sf. Financial arrangements were not disclosed; however, space in the site is advertised in the range of $34 to $45. Other tenants include First Commercial Bank, Eisner LLP and Buckingham Research Group.

Tighe points out that this deal makes note of the blending of boundaries in Manhattan well-known communities. Fairchild, known for its Women's Wear Daily publication, among others, had previously wanted to be in the garment district, but that was no longer a concern. Tighe says a main concern for the publishing house was that its new home be near a good transportation hub so that its staff could easily move around in the city.