Rendering of the Equitable Building at 120 Broadway/ Image credit: Silverstein Properties
NEW YORK CITY—Silverstein Properties, Inc. continues to market the diversification of Downtown Manhattan's businesses, touting the neighborhood's ongoing appeal to TAMI (technology, advertising, media and information) companies. Mediaocean, a leading advertising software provider, is relocating from 45 W. 18th St. in Chelsea, moving into the entire eighth floor, 51,000 square feet at 120 Broadway. The asking rent at the property also known as the Equitable Building was $55 per square foot according to CoStar.
Silverstein's Camille McGratty handled the leasing negotiations for the landlord and Howard Nottingham and Allyson Bowen of Savills represented Mediaocean.
The Downtown Alliance which advocates Lower Manhattan's growth as a Central Business District says the area has become a concentrated hub for TAMI companies. It points out that the nearby World Trade Center with several buildings also owned and managed by Silverstein houses more TAMI tenants that any other office building in the city.
Jessica Breault Ramirez, chief of staff at Mediaocean, states the growing influx of tech companies in the neighborhood attracted her company. “The extensive transportation access, diverse office inventory and local cultural offerings are just some of the reasons why we decided to relocate here,” she says. In addition, Ramirez notes the historic and ornate architectural features of the building provide an inspiring environment.
Mediaocean's current space in RXR's building has an alternative address of 620 Sixth Ave. A Beaux Arts building, that seven-floor structure was built in 1896. Its new space at 120 Broadway, originally constructed in 1915 was also designed in the Beaux Arts style. The 41-floor building has gold leafing, marble floors and hand-carved ornamental details. Silverstein Properties is investing $50 million, currently renovating the building, upgrading the interiors and exteriors, and redesigning the rooftop space. Other tenants include Beyer Blinder Belle, Macmillan Publishers, Handel Architects and New York Life.
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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.
