Lease Beat

IPG Subsidiary Gotham Inc. Inks 25,000-SF Deal at 104 West 40th

104 West 40th Street

Advertising behemoth IPG expanded its Bryant Park-Herald Square corridor holdings with subsidiary Gotham Inc.‘s 25,000-square-foot lease at 104 West 40th Street.

The boutique wing of the ad company’s new digs are blocks away from IPG’s offices at 100 West 33rd Street, the site of a 100,000-square-foot expansion last year, and 1400 Broadway, where IPG in April inked a 90,000-square-foot deal. Read More

Lease Beat

Interpublic Group Signs Lease at 1400 Broadway

1400broadway

The Interpublic Group of Companies (IPG) has signed a lease for 87,000 square feet at 1400 Broadway, a spokesperson confirmed with The Commercial Observer. Three New York-based subsidiaries of the advertising conglomerate will relocate to 1400 Broadway by the end of the year from their current offices in Flatiron and Soho.

IPG, considered a “big four” advertising agency, is headquartered at 1114 Avenue of the Americas and also operates a U.S. regional office in Omaha, Neb.

The building at 1400 Broadway is owned by Malkin Holdings via W&H Properties. Currently, the building boasts 10,627 square feet of available space on the 10th floor, available immediately, according to the W&H Properties’ website. Read More

Mortgage Beat

$325 Million Refi for 100 West 33rd Street

100 W 33rd St

Vornado Realty Trust has refinanced its 100 West 33rd Street building—home of Manhattan Mall—for $325 million. The REIT realized $87 million of net proceeds in the process.

The new loan, at an interest rate of LIBOR plus 2.5 percent, matures in March of 2015 and has two one-year extension options built in. Net proceeds were realized upon paying off the existing loan and closing costs for the current refinancing. Read More