IPG Subsidiary Gotham Inc. Inks 25,000-SF Deal at 104 West 40th
Billy Gray July 5, 2013, 7:45 a.m.
Advertising behemoth IPG expanded its Bryant Park-Herald Square corridor holdings with subsidiary Gotham Inc.‘s 25,000-square-foot lease at 104 West 40th Street.
The boutique wing of the ad company’s new digs are blocks away from IPG’s offices at 100 West 33rd Street, the site of a 100,000-square-foot expansion last year, and 1400 Broadway, where IPG in April inked a 90,000-square-foot deal.
Paul Amrich of CBRE represented the landlord, David Tawfik of Princeton International Properties, in the 10-year lease. Scott Panzer of Jones Lang LaSalle repped the tenant. Asking rents were in the $50s-$60s per square foot.
Princeton International Properties acquired 104 West 40th Street from Savanna late last year in a deal valued at more than $100 million.
Gotham relocates to the 22-story, 200,000-square-foot office tower from 150 East 42nd Street. IPG’s numerous holdings in the neighborhood are all located within easy reach of the firm’s headquarters at 1114 Avenue of the Americas.
The advertising and media conglomerate is also a major presence on the east side. Last October, it signed a 220,000-square-foot lease at Vornado‘s 909 Third Avenue in one of the biggest deals of the year.
Messrs. Amrich and Panzer could not immediately be reached for comment.