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.
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.
Interpublic Group of Companies is in talks to lease an additional 95,000 square feet of space at Vornado Realty Trust’s 1.1 million-square-foot 100 West 33rd Street, sources tell The Commercial Observer.
The 15-year lease and expansion would bring IPG’s total space across two Vornado buildings up to 745,000 square feet.
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.