Media Company Inks Midtown South Relocation
Tobias Salinger July 23, 2014, 8:30 a.m.
Media company F+W will soon move a half mile southwest of its current home at 38 East 29th Street into an 8,500-square-foot space for ten years on the entire 14th floor of the Roos and Cohen families’ 17-floor building at 1140 Broadway in Midtown South, Commercial Observer has learned.
The company chose the building with asking rents in the mid to high $50s per square foot after searching for a new location that would help foster innovation in the changing media landscape, said F+W’s Chairman and CEO David Nussbaum.
“As our company has grown and transformed over the past several years, it was well past time for a change in our surroundings as well,” said Mr. Nussbaum in a prepared statement. “Moving to a newer, more modern space better reflects our mindset – and suits our needs – as we shift from a century-old media company to the leading content and commerce provider for enthusiasts.”
Michael Joseph, the executive managing director of Colliers International, and a colleague who is also part of the building’s ownership, Colliers vice chairman Andrew Roos, represented the landlord in the transaction, while Alan Wildes of Cushman & Wakefield negotiated on behalf of the media firm.
“F+W really wanted to keep its offices in Midtown South and 1140 Broadway was a perfect fit,” said Mr. Wildes in a prepared statement. “Along with a quality, hands-on ownership group, the 14th floor lends itself well to the needs of the company, offering a great location and amenities with plenty of natural light.”
The building with class A space and a terra cotta façade in the landmarked Flatiron District attracts a diverse group of tenants, said Mr. Roos.
“1140 Broadway is located in one of the hottest areas of New York City, which has seen a tremendous amount of recent residential and hotel development,” Mr. Roos said in a prepared statement. “The building has maintained the same ownership since the early 1950’s. And over the last 15 years, they have transformed the building into a prime destination that has been a major catalyst for Nomad with its notable tech, creative, media, entertainment, and architecture tenants, among others.”