The Interpublic Group of Companies (IPG) has signed a lease for 87,000 square feet at 1400 Broadway, a spokesperson confirmed with The Commercial Observer. Three New York-based subsidiaries of the advertising conglomerate will relocate to 1400 Broadway by the end of the year from their current offices in Flatiron and Soho.
IPG, considered a “big four” advertising agency, is headquartered at 1114 Avenue of the Americas and also operates a U.S. regional office in Omaha, Neb.
The building at 1400 Broadway is owned by Malkin Holdings via W&H Properties. Currently, the building boasts 10,627 square feet of available space on the 10th floor, available immediately, according to the W&H Properties’ website.
The IPG lease was reported earlier by The Wall Street Journal. Scott Panzer, vice chairman at Jones Lang LaSalle, represented the tenant according to the report. Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank represented the landlord in the transaction.
As previously reported by The Commercial Observer, IPG signed a 220,000-square-foot lease at 909 Third Avenue in October of last year. The deal represented the third largest office lease of 2012. Several subsidiaries, including public relations firm Weber Shandwick, were set to relocate from 919 Third Avenue.
The advertising giant followed up the Third Avenue deal with a 15-year, 95,000 square-foot-lease at 100 West 33rd Street.
Jones Lang LaSalle did not immediately return requests for comment.