The independent Workman Publishing signed 10 year-deal and will relocate to Hudson Square from its West Village offices by the third quarter of 2006. The firm currently occupies approximately 50,000 sf at 708 Broadway. It sold its leasehold interest to the Chetrit Group, the new owners of the site. Real Simple is a publication of Time Inc. Its new space will serve as a test kitchen, photography studio and offices. The magazine plans to occupy the space in the third quarter.
According to a Trinity spokesperson, Time signed a deal in the low $30-per-sf range, while Workman's deal was in the high $20-per-sf range. Jason Pizer, Trinity's director of commercial leasing and Thomas Lynch of Trinity Real Estate represented the ownership, while Art Nelkin of Nelkin Real Estate Advisors and Richard Price of Winoker Realty Com. acted on behalf of Workman. John Moxley of Cushman & Wakefield represented Time Inc., while Pizer acted on behalf of the ownership in the Real Simple deal.
"Workman Publishing was looking to expand their space to meet the needs of the company's growing operations," explains Pizer. "The space at 225 Varick provided contiguous space, in an area popular among the publishing industry." Workman Publishing, founded in 1968, is an independent publisher of adult and juvenile trade books, as well as the Original Page-a-Day calendars.
Trinity's 205 Hudson St. is located at the cross of Canal and Hudson Street. The building underwent an entire lobby and entrance renovation three years ago and is home to such prominent companies as Monster.com, the Feedroom and Tribeca Rooftop. "205 Hudson offers the unique combination of artistic soul, institutional ownership and building infrastructure that Time Inc. required," adds Moxley.
Workman and Real Simple are the latest of numerous publishing houses to take space in the area. Others include Penguin Books, Simmons-Boardman, Jobson, Courtenay Communications and Nature Publishing. "The area is becoming a key center for the publishing industry," notes Carl Weisbrod, Trinity's president of real estate. Trinity has more than six million sf currently under ownership.
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.