Lease Beat

Media Company Takes Full Floor at Macklowe’s 386 Park Avenue South

Advertising and marketing communications agency Lowe Campbell Ewald has signed a 10-year, 13,121-square-foot lease at William Macklowe Company’s 386 Park Avenue South, Commercial Observer has learned.

Screen shot 2014-02-05 at 3.11.17 PMThe subsidiary of Interpublic Group of Companies takes the entire 15th floor in the renovated 20-story Midtown South office building, located on the corner of Park Avenue South and 27th Street, which features a slick pre-build program geared towards creative tenants.

“With a half-dozen media and tech tenants now making their offices at 386 Park Avenue South, our building is becoming widely known as a hub for creative, new media and tech tenants in the neighborhood,” said company head William Macklowe, in an emailed statement. 

“The strength of our high-end prebuilt program has been extremely appealing to the emerging creative industries in the area who want the ease of turn-key space so they can simply plug in and start their business immediately.”

With the intention of making the building “appealing to the younger generation” of creative tech and media companies, William Macklowe Company recently unveiled a new state-of-the-art lobby, expanded entranceway and elevator modernization at the LEED-destined tower, with new mechanical systems on each floor, tenant-controlled AC, and asking rents between $57 to $72 per square foot.

The renovation and repositioning is paying off, with six full-floor transactions completed over the past eight months, filling 80,000 of the its 260,000 square feet of office space. Tenants include Profero, Twitter‘s MoPub and Impact Republic.

Robert Romano, Scott Panzer and Shannon Rzeznikiewicz of Jones Lang LaSalle represented the tenant, while the building’s leasing agents, Paul Amrich, Neil King, Ross Zimbalist and David Young of CBRE, represented ownership, a partnership of William Macklowe Company and Principal Real Estate Investors, which purchased the property for $111.5 million in 2012.

 

 

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