Omnicom Group, a marketing communications company, has extended is five-floor lease at 220 East 42nd Street between Second and Third Avenues for another 15 years, landlord SL Green Realty Corp. announced today.
The company will remain in 167,000 square feet on the 11th through 15th floors of the property, also known as The News Building. Asking rent in the deal was $70 per square foot, according to an SL Green spokeswoman.
Omnicom has been at the 1.3-million-square-foot building for 10 years, the spokeswoman added.
“Omnicom is one of the world’s great companies and we’re delighted to continue our long-term relationship,” said Steven Durels, the head of leasing for SL Green, in prepared remarks. “Businesses continue to be attracted to The News Building because of its large floor plates, historic architecture and convenience to Grand Central Terminal. The building shares many of the physical characteristics that appeal to tenants in the technology, media and advertising industries.”
Lee Feld of Feld Real Estate represented Omnicom in the deal, while SL Green represented itself in-house. Mr. Feld could not immediately be reached for comment.
The News Building was originally constructed as the headquarters for the New York Daily News, is also home to local news station WPIX, Tribune Company and offices for the United Nations.