William Reed Business Media has signed a deal for their permanent New York office.
The well-respected United Kingdom-based media publishing company has signed a deal at 183 Madison Avenue for a 1,550-square-foot office on the 15th floor to house the firm’s team in the United States.
“They initially started out with a temporarily location,” said Lou Posner, speaking on behalf of the brokerage team. “They had only been there for a few months but they needed to expand to a full time space for their New York office.”
The firm’s temporary office was located in the Financial District but officials with the group specifically requested to move from downtown to somewhere in Midtown.
“We were showing them spaces along Madison Avenue from about 34th Street to 32nd Street,” Mr. Posner added.
“Their New York team is their sales force, so you are going to have a more dynamic set of employees,” he added. “They wanted Midtown but they didn’t want anything too stuffy. They wanted exposed ceilings and a modern look.”
Betty Posner of New York Commercial Real Estate Services represented William Reed in the transaction. The landlord, a joint venture between Rigby Asset Management and IRSA, was represented by a leasing team from Cushman & Wakefield.
“You know, around Madison Avenue and 34th Street years ago, there were showrooms and and women’s lingerie space,” commenting Mr. Posner on the change of tenant landscape in the area. “William Reed is an example of a higher caliber tenant.”
The building fell into bankruptcy and was purchased by Rigby Asset Management and IRSA in 2010. The company has turned the building around and attracted several high-end firm in the financial, technology, and manufacturing industries as tenants.