Ipsos North America Re-Ups Sublease at 360 Park Avenue South for 10 Years
Daniel Edward Rosen Aug. 15, 2012, 7:30 a.m.
Ipsos North America, a global market research firm, has renewed its sublease at 360 Park Avenue for another 10 years, The Commercial Observerhas learned.
The firm, which has been subleasing the space from Reed Elsevier, will continue to occupy the entire 5th floor in the building at a footprint sized at 22,500 square feet.
Asking rent was $50-a-square-foot. Mark Ravesloot and Sam Seiler, both of CBRE, represented Ipsos North America in the deal. Cushman & Wakefield’s Kevin Daly and Clark Finney represented Reed Elsevier in the lease transaction.
Both brokerage firms declined to comment on the sublease deal.
Reed Elsevier has subleased a bulk of its office space at 360 Park Avenue South, which it originally net-leased, to a number of companies. Fred Alger Management, a financial advisory and investment management firm, subleased the 2nd and 3rd floors for 46,000 square feet in 2011.
Paradigm, a talent and literary agency, took the entire 16th floor (for a total of 22,500 square feet) in 2006.