NEW YORK CITY—In another major move by the publishing industry into the Downtown corridor, Colliers International has arranged a long-term, 176,121-square-foot headquarters lease at One New York Plaza on behalf of the Macmillan Science and Education group of companies, part of the Holtzbrinck Publishing Group.
A privately held international publishing group with more than 5,700 employees, Macmillan was looking to consolidate its New York City workforce, which is currently spread out across three locations in Midtown South and Hudson Square, Colliers vice chairman Leon Manoff, who arranged the lease, tells GlobeSt.com.
“This affirms the viability of Downtown,” he says. The Lower Manhattan worked for the tenant because of a “confluence of factors. Macmillan wanted to consolidate and create a campus like environment. The building offered almost everything on Macmillian's wish list: very efficient space with almost no columns, large floor plates, great transportation, good eateries and panoramic views of nearly 360 degrees.”
While the recent Downtown migration by many companies is often positioned as a value play, Manoff says, “cost is always a factor but it wasn't the only one here.”
All of the Macmillan Science and Education Group will be brought together in One New York Plaza by mid-2015, pending build-out of the space. Macmillan Science and Education will occupy the entire 46th – 48th floors, and a portion of the 45th floor. Approximately 950 will operate out of the new space.
Owned and operated by Brookfield Office Properties, the building has been a popular site, notes Adam Foster, SVP of CBRE, who represented the landlord—along with Peter Turchin, EVP.
“We've leased 400,000 square feet in that building over the last four months, including tenants like Revlon, so we have a diverse tenant base,” Foster tells GlobeSt.com. “We're now 99% leased, though next year we will have about 200,000 square feet come available.” The space likely won't sit idle for long. “We already have a lot of activity from technology and media companies. They like the open floor plates and the building's floors offer 65,000 square feet.”
Located at Water and Whitehall streets, One New York Plaza “sits on top” of several train lines and is close to the numerous restaurants and retailers on Stone street and at the South Street Seaport.
The building is undergoing a $14-million redevelopment to its 40,000-square-foot retail concourse that will include four to six quick-casual eateries, a gym, a health and beauty store, a coffee shop and other services. The project is scheduled for completion by the end of this year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
