Marketing Firm Merkle Takes 30,000-Square-Foot Sublease In Random House Tower
Billy Gray Feb. 14, 2013, 7:15 a.m.
Random House continued its successful campaign to dispose of space in its namesake building at 1745 Broadway by leasing 30,000 square feet to the marketing firm Merkle.
David Falk and Jason Greenstein of Newmark Grubb Knight Frank represented the tenant. Richard Bernstein of Cassidy Turley represented the sublessor.
“We’ve subleased eight floors out of ten and disposed of about 218,000 square feet,” Mr. Bernstein said of the campaign that “started in earnest about a year ago.”
The Columbia, Maryland-based Merkle will occupy the entire 23rd floor of the 52-story, 674,000-square-foot building on Broadway at 56th Street, as reported by Crain’s. It has other offices in Boston; Denver; Hagerstown, Maryland; King of Prussia, Pennsylvania; Little Rock; Minneapolis; Montvale, New Jersey; Philadelphia; Pittsburgh; San Francisco; Seattle; and Shanghai. Asking rent was $50 per square foot through 2018.
Random House last year renewed through 2023 on floors two through 13 in the tower. Meanwhile, its subleasing campaign will continue.
Mr. Bernstein said, “we have two more floors to dispose of and are actively negotiating.”
Messrs. Falk and Greenstein could not be reached for comment.