Lease Beat

Interpublic Group of Companies Signs 95,000SF Lease at 100 West 33

Interpublic Group of Companies and Vornado Realty Trust have sealed the previously reported pending deal at 100 West 33rd Street.

The multinational advertising and public relations company signed a 15-year, 95,000-square-foot space at Vornado’s 1.1 million-square-foot, a spokesperson for the REIT confirmed today with The Commercial Observer.

manhattan-100-w33big (6)The company will occupy the entire fourth floor at 100 West 33rd Street, previously home to Bank of America.

The lease brings IPG’s total space across two Vornado buildings up to 745,000 square feet.  Along with its subsidiaries, IPG already occupies 430,000 square feet at the building, as well as 220,000 square feet of space at 909 Third Avenue.

Agencies affiliated with IPG – including public relations firm Weber Shandwick– moved into 909 Third Avenue from 919 Third Avenue in October.

Scott Panzer of Jones Lang LaSalle represented the tenant, while in-house broker Glen Weiss represented the landlord.

The move comes after what has been a tumultuous year for IPG.  Last month, the company reported its third-quarter earnings had tumbled 66 percent, citing declines in U.S. revenue.

Earlier this month the company named new CEOs at Weber Shandwick and subsidiaryMcCann Worldgroup; and on Nov. 20 the company announced it had sold its remaining investment in Facebook for $95 million.

Back in July, Bloomberg News reported that IPG was being sued by a former executive demanding $381 million for his alleged role in an earlier selloff of Facebook stock.

Vornado is one of the largest owners of commercial real estate in the United States, with a portfolio of over 100 million square feet.

Follow Al Barbarino on Twitter or via RSS. abarbarino@observer.com

Comments

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