The transaction at the Rudin family-owned office tower comes on the heels of advertising agency Bartle Bogle Hegarty's lease for 43,000 sf at the building, also for its New York headquarters. Other global communication and media firms on the tenant roster include RAI Corp., the American subsidiary of Italy's public broadcasting system, T-Mobile, T-Systems, AT&T, Qwest and MCI. The 27-story art-deco office tower contains 1.2 million sf of space
John Picco and Philip Amarante of Cushman & Wakefield represented the tenant in its site search and negotiations for the 16-year lease, while Robert Steinman of Rudin Management represented the owner. Picco, a Cushman executive director, says the publishing concern required a location that could meet its immediate and future expansion requirements "while offering dynamic space in a great location at excellent value relative to Midtown." Cambridge's move will add more than 200 jobs to the area. The building, built in 1932, is presently 92% leased. No further leasing details were released.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.