Public relations firm Global Strategy Group has signed a 21,974-square-foot lease for the 15th floor — and a portion of the 14th — at SL Green (SLG)’s 215 Park Avenue South, Commercial Observer has learned.
The firm plans to relocate from its existing offices at 895 Broadway this fall and was drawn to the building’s location in the heart of Union Square, at 18th Street, and an existing installation that will serve as the new backdrop for their expanding operations.
H&M vacated the space at the end of April, giving it the “creative feel” the PR firm was vying for, said Gary Rosen of SL Green, who handles the 20-story building’s leasing in-house with Howard Tenenbaum.
The firm will further open up the space, which features sweeping views and high ceilings, near Union Square Park and public transportation, by taking down portions of the existing installation to create a more collaborative and open environment, he said.
Last year reportedly marked the first time in the public relations firm’s 20-year history that it did not experience a revenue dip following an election year. While the revenue was up just 0.3 percent, the firm had historically suffered double-digit declines in the years directly succeeding election years.
The firm’s revenue increased 62 percent in 2012 from the previous year, but managed to inch above the breakeven point in 2013 despite losing accounts with the Vitamin D Alliance and the Environmental Working Group, picking up the slack with a new range of clients.
The agency’s CEO, Jon Silvan, told PR Week that he anticipates up to 30 percent growth for 2014, noting that the ” growth we had in 2013 in the non-political arena will continue and that we will see an upswing in political business as well.”
Mark Weiss and Rob Eisenberg of Newmark (NMRK) Grubb Knight Frank represented the tenant. They declined comment.
Asking rents at the property range from $65 per square foot to $70 per foot and existing tenants include Houghton Mifflin Co., Kimball Office Furniture, H&M, CVS and Criterion Collection.
