Nets 8,400 sf Lease in Midtown

reprints, a provider of cloud-based services to small and mid-sized businesses, will be moving to the SL Green (SLG)-owned Tower 45  as the site of its new NYC headquarters, it was announced in a press release yesterday. 

The firm will be moving from 156 West 56th Street, a 77-story office tower owned by Tishman Speyer, in favor of an 8,400 square foot space.

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tower45 Nets 8,400 sf Lease in Midtown
Tower 45 (photo courtesy of Property Shark)

The lease is for seven years. Asking rents in the building range from $50 to $70 a square foot, according to CoStar. will be moving into the space immediately.

Bob Stella and Ed Wartels, both of CresaPartners, represented in the transaction. Diana Biassotti, Dana Kleiner and Frank Doyle, all of Jones Lang LaSalle, represented the landlord, along with Ashley Gee and David Kaufman, both of SL Green.

Founded in 1995, Intermedia was the first to offer cloud email and other services, like VoIP telephony, instant messaging, and file management, according to its website.

Oak Hill Capital Partners, a private equity group, snatched up Intermedia last May for an undisclosed amount. Intermedia had been growing by 30 percent per year since 2007 and was managing 320,000 premium hosted Microsoft Exchange mailboxes, said Oak Hill Capital partner Robert Morse in an interview with Web Host Industry Review last year.

Oak Hill Capital Partners wanted Intermedia’s new New York City headquarters to have enough space to house the firm’s marketing and sales teams, Mr. Stella said in a press release.

“This modified pre-built in a great location will enable Intermedia to ramp up its operations here in New York,” Mr. Stella added.