IMG Worldwide, a global leader in sports, fashion, and media, will be expanding its lease at 304 Park Avenue South, The Commercial Observer has learned.
The office, which initially housed its IMG Model department at the building, will now span 72,080 square feet in the building. The lease term also received a boost from its original term of 10 years to now extending through the next 15 years.
IMG will continue to operate its global headquarters out of the General Motors Building on Fifth Avenue. The company also has offices throughout the city at 432 West 45th Street, 14 Penn Plaza, and 51 West 25th Street, serving IMG Art + Commerce and a regional IMG College divisions.
“We’re thrilled to have been able to satisfy IMG’s growth requirement and we look forward to continuing their long-term occupancy as the building’s anchor tenant,” said Steven Durels, executive vice president and director of leasing and real property for SL Green (SLG) Realty Corp., in a statement.
IMG brought in a Michael Laginestra, Rocco Laginestra, and Christopher Mansfield from CBRE (CBRE) to represent them on leasing negotiations. A team of in-house brokers – Mr. Durels, Howard Tenenbaum, and Gary Rosen – acted on behalf of the landlord.
304 Park Avenue recently underwent lobby and elevator upgrades to bolster its appeal for creative and high-profile companies. Space is limited within the 210,000-square-foot building as only a few suites, including three full-floor options, remain available in the building.
Asking rents in the building are typically requested at $65 per square foot for office tenants and $275 per square foot for its prime retail space along the 23rd Street corridor.
