In the midst of a growth wave, the politically-focused media company City & State Media is expanding at 61 Broadway in the Financial District, Commercial Observer has learned.
City & State, a publication that covers New York government and politics and was formed from the merger of City Hall and The Capitol newspapers in 2012, is growing to 6,836 square feet at the building near Rector Street, according to Newmark Grubb Knight Frank and the publication’s president and chief executive officer, Tom Allon. The lease is for seven years, he said.
“We are sort of bursting at the seams here,” Mr. Allon said. “We expect to grow a lot over the next three or four years.” Since he acquired the company three years ago, Mr. Allon noted, “it’s grown by a factor of six.”
The company first moved into the building in 2013, and since last year, has been in 3,000 square feet on the 22nd floor at RXR Realty‘s 33-story building. On July 1, City & State will head down to the 13th floor. Asking rents in the building range from the high-$40s per square foot in the base to the low-$60s a foot in the tower.
City & State has 35 employees in New York City and 10 in Pennsylvania. Three weeks ago, City & State launched an email newsletter in Harrisburg followed by Philadelphia. City & State will be assuming a permanent office in Philadelphia imminently so it can cover that city as well as the capital.
“It’s our first foray outside of New York,” Mr. Allon said. “We are eager to see whether this model is replicable in other state capitals.”
Ben Shapiro and Andrew Peretz of NGKF represented the tenant in the deal. Daniel Birney of RXR represented the landlord in-house. Mr. Birney declined to comment.