Rodale Takes Additional 64,000 SF

NEW YORK CITY-Rodale Press adds 64,000 sf at 733 Third, upping its total space to 113,699 sf in the Durst Organization-owned site. The publisher, a tenant in the site for ten years, attributes its need for additional space to company profits rising 135% in 2003. Among its more successful publications is the South Beach Diet . As part of the 15-year-renewal, the company will be lease the entire sixth through ninth floors and a part of the tenth. In addition, Rodale, the largest tenant in the building, retains an option to lease the 46,000 sf it currently occupies on the 12th, 15th and 16th floors.

The 400,000 + office is currently known as the AIG-SunAmerica Building, however Rodale will receive naming rights once AIG’s lease expires. In the meantime, Rodale retains secondary signage. The transaction’s financial information was not released, but space in the site is currently advertised at $25 to $44 per sf.

To achieve contiguous office floors for Rodale, a restacking plan was put into place that involved four additional tenants: the National Multiple Sclerosis Society AIG-SunAmerica, Choice Logistics Inc., and Financial Federal Corp. NMSS will combine its headquarters operation with its New York City chapter and relocate to 39,000 sf on the third floor and a portion of the second floor, for a 17-year term. AIG-SunAmerica will surrender its third-floor lease. Previously, AIG-SunAmerica had sublet that space to Rodale under a short-term sublease. Once Rodale has relocated, this space will be used by NMSS. Choice Logistics, a customized transportation provider, will relinquish its space on the seventh floor and consolidate its operations on the fifth floor. Durst assumed NMSS’s position as sub-landlord and will relocate FFC to the 24th floor, where it will occupy approximately 7,250 sf for five years.