"Because both the sublessor and sublessee are publishing companies, the space literally was a perfect fit," says Richard Charkham, managing director at FirstService Williams, in a release. "The fact that the transaction was completed in a very short time frame is a testament to just how solid a deal this is for both parties. The office layout, furniture, equipment and technology infrastructure were already optimized for a publishing firm. The Economist Group needs to do very little work before moving in." The UK-based publisher of The Economist magazine is currently located at 111 W. 57th St.

Sublease terms were not available. However, asking rent for the space, which covers the entire fifth floor and half of the sixth, is $55 per square foot.

Representing the Economist Group in the deal were Charkham and FSW president Michael Cohen, and UK-based Equipe Real Estate Advisors served in an advisory role for the subtenant. CB Richard Ellis vice chairman Greg Tosko, SVP David Hollander and senior associate Jason Frazier represented Conde Nast.