Dentsu Network, a subsidiary of Tokyo-based Dentsu Inc., has agreed to tack on 33,000 square feet of office space to its current foothold in 32 Avenue of the Americas, bringing its total tally to 183,000 square feet, it was announced today.
The company will be taking the entire 25th floor and a portion of the 24th floor in the 29-story office building, which is owned by Rudin Family Holdings.
Alex Chudnoff and Scott Vinett of Jones Lang LaSalle represented Dentsu Network in the deal. Robert Steinman, a vice president at Rudin Management Company, represented the landlord in-house.
Asking rents in the building range from $35.98 to $42.00 a square foot, according to CoStar data.
The reason for Dentsu Network’s expansion in 32 Avenue of the Americas is simple: growth.
“They were on an outward growth trajectory in New York City,” said Mr. Chudnoff in an interview with The Commercial Observer.
“32 Avenue of the Americas is their home and they would like to call it that in the foreseeable future,” he added.
Remaining in the SoHo/TriBeCa area, where French advertising conglomerate Havas recently signed a deal to turn 200 and 205 Hudson Street into their NYC headquarters, was another contributing factor in Dentsu Network’s decision to stay in the building.
“They’ve fallen in love with the area,” said Mr. Chudnoff. “It affords them tremendous access to talent and has energized the company, and has obviously helped its growth.”
The company mirrored Mr. Chudnoff’s sentiments in a prepared statement sent out to press earlier today.
“The unique infrastructure and creative energy that is housed at 32 Sixth Avenue is the perfect work environment for our employees,” said Nicholas Rey, CFO at Dentsu Network, in a statement.
Dentsu already has the 5th, 6th, and 16th floors in 32 Avenue of the Americas, according to CoStar. Those leases are not set to expire until 2021. The company bills itself as the “most future agency-network in the world,” according to its website.
This latest lease is for 10-plus years, said Mr. Chudnoff.
Last month, Dentsu Inc. reorganized all of its satellite offices outside of Japan to form a new company called Dentsu Network. The company has 82 operations in 29 countries.