SL Green Inks Two Midtown Renewals

Omnicom Group has extended its 167,003-square-foot lease at 220 E. 42nd St., or “The News Building,” for 15 years.

NEW YORK CITY— SL Green Realty Corp ., the city’s largest office landlord, has secured a lease renewal for a large space on East 42nd Street and a recommitment at a property on West 34th Street. Omnicom Group  has extended its 167,003-square-foot lease at 220 E. 42nd Street—also known as “the News Building”— for 15 years.  Lee Feld  of  Feld Real Estate  represented Omnicom in the transaction while SL Green acted on its own behalf. Omnicom is a global network of leading marketing communication companies with over 1,500 agencies located in more than 100 countries. “Businesses continue to be attracted to the News Building because of its large floor plates, historic architecture and convenience to Grand Central Terminal,” says  Steven Durels , EVP and director of leasing and real property for SL Green. The building shares many of the physical characteristics that appeal to tenants in the technology, media and advertising industries.” The property is a 37-story, 1.2 million-square foot landmark building located two blocks from Grand Central Terminal. It was designated a National Historic Landmark in 1998, and is one of the New York City’s major Art Deco presences. Other building tenants include  WPIX TV ,  Tribune Co .,  The United Nations  and  Martin Clearwater & Bell . Meanwhile,  Music Choice  has rerenewed its 52,959-square-foot lease at 328 W. 34th St.—also known as “The Olivia”—for the entire second floor for 10 years.  Jason Gorman  of  CBRE  represented the tenant, while  David Amsterdam  of SL Green represented the landlord in-house. Music Choice programs music and produces music-related content for digital cable television, mobile phone and cable modem users. The Olivia is a 36-story, 493,000-square-foot mixed-use building, located between Eighth and Ninth Avenues, with commercial space, retail space anchored by an  AMC Lowes  cinema complex and 333 residential rental units. “We are delighted to work with Music Choice on this long-term lease extension,” says Durels. “The space benefits from unique features, including a private lobby entrance and exceptional ceiling heights.”