NEW YORK CITY—Omnicom Media Group, the media services division of Omnicom Group, Inc. has recommitted to keeping its offices at 195 Broadway in Lower Manhattan.
The advertising conglomerate will relocate from the building's upper floors to a contiguous 205,514 square-foot space, spanning the entire fourth through eighth floors. In addition to the new space, the 15-year lease renews the 82,006 square feet currently occupied by Omnicom on the 17th and 18th floors.
With the expansion, Omnicom will lease a total of 287,520 square feet in the landmarked 29-story office building. The asking rents in the building are $65 per square foot.
Omnicom will redesign the former AT&T auditorium on the fourth and fifth floors, which will serve as the centerpiece of its new premises. It has commissioned HLW Architects to convert the existing 30-foot high space to create a unique entrance with a shared workspace for employees and guests.
“We are thrilled to extend our relationship with Omnicom, which has been our tenant for nearly a decade,” said L&L Holding Company chairman and CEO David W. Levinson. “We take pride in our ownership and the hands-on management of this historic property, which we have worked diligently to restore and renovate. We're working hard to put smart capital back into our building and appreciate Omnicom's vote of confidence in our efforts.”
Lee Feld of Feld Realty represented the tenant while David C. Berkey and Andrew Wiener of L&L Holding Company represented the building owners.
The 914,594 square-foot building, constructed in 1915, once served as the New York headquarters of AT&T. Omnicom's renewal follows the $50 million retail redevelopment in which the owners created three commercial spaces, each separated by 40-foot tall glass partitions and a galleria pass-through that connects the stores to the streetscape and the lobby. Retail tenants include Nobu and Anthropologie.
195 Broadway is owned by a partnership of L&L Holding Company and JP Morgan Investment Management. The development management services firm, OCDM, served as project manager for the retail development.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
