NEW YORK CITY-ALM, Real Estate Media's parent company, has secured approximately 90,000 sf at the landmark 120 Broadway. The integrated media firm will be taking the fifth and sixth floors of the Silverstein Properties asset, also known as the Equitable Building.
The phased move, slated to begin in July 2008, will consolidate four current offices of the company. The locations targeted for the consolidation are: 345 Park Ave. S., 105 Madison Ave., 333 7th Ave. and 270 Lafayette St. This last space is the New York City outpost of Incisive Media, which purchased ALM this past summer.
“This move will enable us to bring together the majority of our New York City-based corporate and business-unit personnel under one roof,” says ALM CEO William Pollak. “It's a strategy that's very important to us. Electronic communication is a wonderful thing, but there's no substitute for being in the same office.” Some 400 people will be brought together at 120, he says.
ALM publishes more than 30 national and regional magazines and newspapers, including The American Lawyer, Corporate Counsel and The National Law Journal. It is also considered to be one of North America's largest producers of conferences and trade shows for business leaders and the legal profession. This roster of products comes in addition to Real Estate Media titles such as GlobeSt.com, Real Estate Forum and the RealShare Conference Series.
While details of the transaction are not being released, rents in the building are being listed on Silverstein's website at around $40 per foot. GVA Williams president Michael Cohen and executive managing director Leon Manoff spoke for ALM in the deal, while Roger A. Silverstein represented building ownership.
“The company's decision to relocate to Downtown Manhattan is yet another important reminder that the neighborhood is getting stronger by the day,” says Silverstein president and CEO Larry A. Silverstein. Silverstein says that the deal, which he was working on for six months, brings 120 to nearly full occupancy.
He sees the lease as continuing to redefine the post-9/11 Downtown market beyond its traditional financial-services focus. “American Lawyer Media joins some of the country's most forward-looking companies in the city's most forward-looking neighborhood,” he tells GlobeSt.com. “Downtown continues its rapid transformation into a 24/7 mixed-use community. Thousands of people are moving here every year, and new stores are opening every week: Hermes, Tiffany, Whole Foods. Over the past several years, the area has diversified its economy, attracting innovative companies, including ALM, from a wide range of industry sectors.” That transformation will be aided, of course, by “the advent of 10 million sf of new office space at the World Trade Center.”
One-twenty Broadway is also home to the state attorney general and–not to separate too much from the sector's financial roots–Goldman Sachs unit Spear Leeds & Kellogg. Silverstein recently completed a $60-million renovation of the building, including the replacement of more than 5,000 windows and a full elevator upgrade.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
