Talent Agency UTA Expands, Consolidates at Vornado’s 888 Seventh Avenue [Updated]
Terence Cullen Jan. 13, 2016, 4:45 p.m.
UTA, which is based in Beverly Hills, Calif., signed a deal for new offices on the entire seventh floor, as well as parts of the eighth and ninth floors, the company announced today in a press release. That amounts to 43,087 square feet of the 875,000-square-foot office tower between West 56th and West 57th Streets, according to The New York Post, which first reported news of the deal.
“Consolidating our team in New York has been a top priority, and we’re excited to create a vibrant new space that will offer an enhanced experience for clients and colleagues,” Jeremy Zimmer, the company’s chief executive officer, said in prepared remarks. “Our New York presence is critical to the growth of the agency and our ability to deliver the opportunities our clients need and expect.”
The tenant’s brokers declined to provide the asking rent, but said the lease was for 11 years.
The new lease is a major upgrade from the 15,000 square feet that UTA had been leasing at the 46-story 888 Seventh Avenue. UTA’s offices at the building were previously on portions of the sixth, ninth and 11th floors, according to the release.
“Given that UTA already occupied a substantial amount of space at 888 Seventh Avenue, it was determined that the firm would greatly benefit from consolidating into the building rather than operate three separate locations,” Mr. Chudnoff said in a statement via a spokesman.
Last week, Commercial Observer reported that Welton Investment Partners, a Carmel, Calif.-based alternative investment manager, inked a 8,095-square-foot deal to move its New York City offices to the building from Carnegie Hall Tower at 152 West 57th Street. Vornado is also based in the building, as well as hedge fund Pershing Square Capital Management and mega-investor TPG Capital.
Update: This story was edited to include the length of lease and a comment from the tenant’s brokers.