Summit Business Media Takes 17,000 SF at 469 Seventh Avenue
Al Barbarino May 23, 2013, 7:30 a.m.
Summit Business Media has signed an eight-year relocation and expansion for the 17,000-square-foot 10th floor at 469 Seventh Avenue, where Colliers International continues to market several full floors that include a “building-within-a-building” option for a potential anchor tenant.
Summit, a media company that caters to the insurance, financial services, legal, and investment advisory markets, is relocating from 475 Park Avenue South and will move into its new space in July.
“The tenant is growing and needed larger, high-end office space with easy access to transportation,” said Colliers International’s Eric Meyer, who exclusively represented the landlord with Martin Meyer, in a statement.
Asking rents were $47 per square foot.
A statement from Colliers International’s agency team said it is in negotiations with multiple tenants for the remaining space at the building, including several 17,000-square-foot full-floor spaces on floors two through four, six, seven and 12, as well as 1,800 square feet of ground floor retail.
The building-within-a-building option would provide a single tenant leasing multiple contiguous floors to secure a separate building entrance, lobby and elevators. Such opportunities are rare and are generally reserved for anchor tenants. Naming rights to the building are also available.
Mr. Meyer noted that the option is geared towards tenants who “desire privacy within a larger setting” and that the amenity gaining traction among corporate office, academic, medical and government users.
The 267,000-square-foot 469 Seventh Avenue sits at the southeast corner of West 36th Street, with close Penn Station and the Port Authority Bus Terminal. Additional tenants in the building include small accounting firms, advertising agencies and the Metropolitan Transit Authority.
Alan Wildes, of Cushman & Wakefield, represented the tenant in the transaction.
Mr. Meyer and Mr. Wildes were not immediately available for comment.