NEW YORK CITY-Downtown is continuing to show its strength as a destination for media companies, with the latest deal being global advertising agency Omnicom taking another full floor at L&L Holding Co.’s iconic 195 Broadway in the Financial District. After the company signed its first lease at the 29-story building in 2007, the firm is expanding by another 39,347 square feet, bringing Omnicom’s total square footage to 260,000 square feet total here.
A source close to the deal tells GlobeSt.com in an e-mail that deal brings the one-million-square-foot property to 94% occupancy, and asking rents went in the mid $40s per square foot. David C. Berkey of L&L Holding Co. confirms to GlobeSt.com that the advertising company has taken the entire 17th floor, expanding the company’s presence to 5.5 floors total. Berkley represented the building’s ownership on the deal, while Lee Feld of Feld Real Estate, LLC, represented Omnicom.
The property—which once served as the New York headquarters of AT&T—is owned by L&L in partnership with Beacon Capital Partners. Also known as the “Telephone Building,” renowned architect William Welles Bosworth constructed the site in 1923, which was designed to evoke ancient Egypt and the Pharaohs inside the lobby.
A historic site with modern amenities, the building, located between Fulton and Dey Street, is directly across from the MTA’s Fulton Street Transportation Center and the 16-acre World Trade Center – both under construction. As the neighborhood continues to evolve and change post-9/11, David Levinson, L&L chairman and CEO, says in a statement that the transaction is another example of a “creative business deciding that the future is now in terms of the functionality and energy blossoming in Lower Manhattan.”
Omnicom, which includes three of the top 10 advertising brands, namely BBDO Worldwide, DDB Worldwide and TBWA Worldwide, as well as three of the top seven public relations firms, Fleishman-Hillard, Ketchum and Porter Novelli, will join other major tenants in the building such as Thomson Reuters and MPG. Wedding lifestyle media company The Knot also took 64,000 square feet in the building last year.
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