A major advertising agency is consolidating some of its office space by inking a sublease at 909 Third Avenue between East 54th and East 55th Streets.
The Interpublic Group, one of the world’s largest advertising and marketing companies, inked a deal for 112,300 square feet, according to The Real Deal. It gives the advertising powerhouse more than 300,000 square feet in the 32-story building.
Condé Nast and Interpublic Group were the gifts to New York that kept on giving, as the former added 138,773 square feet to the 1 million it inked last year at One World Trade Center and the latter blazed through a series of deals throughout the year, beginning with a whopping 220,359-square-foot transaction in October and ending with a smaller one last month.
In all, the city’s 10 biggest office leasing transaction were modest compared to 2011, when deals by Nomura Holding and Coach reached nearly 2 million square feet alone.
Still, a wave of transactions from a variety of business sectors—from government and education to legal, financial services and media—proved that, even during economic doldrums, bold can be beautiful.
After the jump, the 10 biggest office deals of 2012.
Editor’s Note: Renewals were not included in this list, nor were deals completed after Dec. 18, the date the final tally was published.
Interpublic Group has signed a 220,000-square-foot lease at 909 Third Avenue according to people with direct knowledge of the deal.
The large advertising and media conglomerate will move several subsidiaries it controls to the new space, the largest of which will be Weber Shandwick, a major public relations firm, which will relocate from nearby 919 Third Avenue.
A number of Interpublic Group agencies are moving from 919 Third Avenue into 220,000-square-feet at nearby 909 Third Avenue, sources have revealed to The Commercial Observer.
Largest among the group is Weber Shandwick, a major public relations firm that is a subsidiary of IPG and has long been based out of 919 Third Avenue.
Lease of the Week
The advertising firm Deutsch Inc. is renewing its lease at 111 Eighth Avenue, dealing yet another blow to Google’s plans to expand in the building it forked over more than $2 billion to acquire in early 2011.
For months DDCD & Partners had been in the market for more than 10,000 square feet of space and the new advertising firm was starting to see a trend.
Its partners had walked through one stuffy Art Deco lobby too many and had spent too much time contemplating how the company’s operations could be arranged in offices littered with bulky columns and, likewise, how company morale could be kept afloat in the cavelike environs cut off from light and air that they kept encountering.
DDCD had given its broker, CBRE executive vice president William Iacovelli, a simple mandate: find space in Midtown South. It was a request that Mr. Iacovelli was perfectly happy to comply with. For years, the neighborhood has been a draw for mad men and creative tenants alike.