Salmon Paper Swimming Uptown
The New York Observer, which over the past decade has traipsed across Manhattan, from an Upper East Side townhouse to a prewar Flatiron office building, is moving to midtown west. In the first half of 2010, the paper is scheduled to relocate to 321 West 44th Street, between Eighth and Ninth avenues, a 10-story office building whose ground floor is leased by Birdland Jazz Club.
Jared Kushner owns both The New York Observer and its future home, which he plans to rename for the newspaper. Mr. Kushner said both the naming-rights opportunity and the chance to save money prompted the relocation.
“If I’m paying rent, I’d rather pay it to myself,” Mr. Kushner said.
Meanwhile, he has hired Newmark Knight Frank broker David Falk to market the paper’s existing 12,880-square-foot lease at 915 Broadway. The lease expires in July 2014.
“It’s an exciting offering because it’s built space in midtown south for a full floor in really the sweet spot of 13,000 feet, which seems to be a very popular size,” Mr. Falk said. “It works for publishing, advertising or media, yet can be leased at considerably below market.”
The Observer’s new offices will also house the Very Short List and The Commercial Observer. “Obviously, I’m excited to spend the money to build out the space,” Mr. Kushner said. “I think it will be more efficient for the workflow.”