Crossmedia Taking Top Two Floors at 275 Seventh Avenue
By Rey Mashayekhi March 23, 2017 1:22 pm
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Media agency Crossmedia is taking nearly 22,000 square feet of office space at 275 Seventh Avenue in Chelsea—a move that displays the continued appeal of the Midtown South office market to tech, advertising, media and information (TAMI) tenants.
Crossmedia signed a 10-year lease for the top two floors—including a penthouse office space—totalling 21,970 square feet at the 28-story, 600,000-square-foot office property between West 25th and West 26th Streets, according to a release announcing the deal Wednesday. Asking rents at 275 Seventh Avenue were not disclosed.
The landlords, labor union and AFL-CIO affiliate UNITE HERE, were represented by Ross Zimbalist and Brian Dooley of CBRE as well as Joe Simone, James Fitzgerald and Corinne Walker of Tishman Real Estate Services.
Greg Wang and Eric Cagner of Newmark Grubb Knight Frank represented Crossmedia in the transaction. The tenant—which signed its new lease last month, according to CoStar Group—will relocate from its current office at 22 West 23rd Street between Fifth Avenue and Avenue of the Americas this summer.
UNITE HERE has leased more than 150,000 square feet of space at 275 Seventh Avenue to TAMI tenants over the last three years, Zimbalist said in the release. The property is now nearly 93 percent occupied, CoStar data indicates.
The landlord plans to prebuild the remaining available space at the office building. Zimbalist added that the property is “in a great position to draw on that [TAMI leasing] experience to design and build creative office environments that will appeal to a wide variety of tenants.”
Other tenants at 275 Seventh Avenue include Haymarket Media Group, Regus, FreeWheel Media and Abrams Artists Agency.
An NGKF spokesman declined to comment on the deal.
