Advertising firm Publicis, while in the process of merging with Omnicom to form what will reportedly become the largest media conglomerate in the world, has signed a temporary five-year lease for 113,947 square feet at 1 Penn Plaza.
Publicis, expected to take occupancy in April, will take over space occupied by media firm Direct Brands.
“A transaction of this caliber, with such dynamic complexity, could not have been accomplished without the business savvy and financial acumen of many, so it was a true team effort of many professionals with a common goal,” said Ken Ruderman of Studley, in a statement, who arranged the deal with Brad Wolk.
“The deal was signed within 35 days of our client vacating their space and relocating to their new offices. Given the size of this transaction, it’s an outstanding achievement.”
The fully furnished space comprises the entire fifth floor and a portion of the fourth, offering direct access to Penn Station, which according to an announcement represents the “most desirable work space of its size on the market.”
Direct Brands relocated their operations to almost 30,000 square feet at 2 Park Avenue in another deal negotiated by Mr. Ruderman, along with Gabriel Marans and Peter Cipriano, who later teamed with owner Vornado Realty Trust to cement the Publicis deal, which was negotiated upon asking rents in the $50s per square foot.
Studley negotiated a balance of all financial components to create “equally favorable terms for all three parties,” according to a statement announcing the deal.
Crain’s first reported this deal.