The American arm of Tokyo-based advertising giant Dentsu, Inc. has signed a 10-year lease for an additional 36,845 square feet across the entire 20th floor at 32 Avenue of the Americas, sources tell The Commercial Observer.
The expansion brings Dentsu’s occupancy to almost 220,000 square feet at the 27-story Tribeca skyscraper, following what sources described as a business expansion tied to the firm’s acquisition of Aegis Group earlier this year.
The firm now occupies the entire fifth, sixth, 16th, 20th and 25th floors, as well as parts of the 24th and 25th floors.
In March the firm got clearance from Chinese anti-trust authorities for the nearly $5 billion acquisition of Aegis, which it had announced the previous July, and which created the country’s third-largest industry company once complete.
Alexander Chudnoff and Scott Vinett of Jones Lang LaSalle – the same duo that represented Dentsu Network when it tacked on 33,000 square feet of office space in May of last year – represented the tenant.
Mr. Chudnoff said asking rents were in the high $40s per square foot.
In June, The Drama League Theater Center, a 98-year-old arts organization, inked a 5-year, 4,000-square-foot deal at the building. That space is a combination of offices and a “black box” theater.
Clear Channel, Mission Capital Advisors, Qwest, Cambridge University Press, Verizon, T-Mobile, TV Globo International,Globo News, Bartle Bogle Hegarty, Tata Communications, and New York University are among the building’s current and past tenants.
Robert Steinman represented landlord Rudin Management in house. He declined comment.