NEW YORK CITY—Reinforcing the growing appeal of Midtown to technology, advertising, media and information (TAMI) companies, Publicis Groupe has signed a long-term lease renewal and expansion for 580,000 square feet of office space at 1675 Broadway. The deal—which keeps Publicis at the Rudin Family building until 2031—is the largest lease transaction completed in the Manhattan office market year-to-date.
Publicis occupies the building's second through 16th floors with digital and media buying division Starcom MediaVest Group in the majority of that block, while the company's advertising agency, Publicis/KTG, is situated on floors 28 through 30, for a total of 480,000 square feet.
In addition, Publicis Worldwide North America will relocate to 1675 Broadway and take an additional 100,000 square feet comprising the entire 24th through 27th floors. The group plans to move from 950 Avenue of the Americas at the end of 2015 into the beginning of 2016.
The 35-story, 800,000-square-foot property is located at the corner of Broadway and West 52nd Street. Built in 1989, the green-gray Canadian granite office building was built using the air rights over the adjacent Broadway theater and features virtually column-free floor plates that can create 10 corner offices and an in-building, 60-car parking garage.
Says Bill Rudin, co-vice chairman and CEO of Rudin Management Co., the operating arm of Rudin Family Holdings, “We're delighted that 1675 Broadway will continue to serve as the home for this global media firm which has been headquartered in our building for nearly three decades. Our property at 1675 Broadway is one of Midtown's most visible and accessible addresses with spectacular views of Times Square and beyond. This significant renewal by Publicis further demonstrates that 1675 Broadway and New York City are a media and technology powerhouse.”
Adds Thomas Trepanier, SVP and director of real estate at Publicis Groupe /Re:Sources USA, “We are delighted to be expanding and extending our commitment in 1675 Broadway. Our history in this building has been long and successful, and we look forward to enjoying our relationship with the Rudin family well into the future.”
Joseph Thanhauser and Gordon Ogden of Byrnam Wood represented the tenant in the long-term transaction, while Robert Steinman, VP at Rudin Management Co., represented the building's ownership in-house. Asking rents are $75 per square foot.
According to Steinman, the Rudin Family is marketing a contiguous block of 170,000 square feet on the 17th through 23rd floors that will be available for long-term lease starting in September 2015. These virtually column-free floors are each approximately 25,000 square feet.
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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.
