Lease Beat

Rocket Fuel Takes 90K SF at 100 West 33rd Street

100 West 33rd Street (Credit: Arthur G. Cohen)

Rocket Fuel has signed a 10-year lease for 90,000 square feet at Vornado Realty Trust’s 100 West 33rd Street. The advertising technology company expects to relocate from its current office at 129 West 29th Street next month.

“Rocket Fuel definitely wanted to stay in the Midtown/Chelsea area as this is where most of its customers and partners are located,” Scott Brown, a managing director at Newmark Grubb Knight Frank, who represented the tenant, told Commercial Observer in an emailed statement. “The decision to take a full floor at 100 West 33rd Street was driven by efficiency and company projections to expand in the short-term.” Read More

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