London-Based Design Firm Taking Full Floor Within Flatiron District
By Liam La Guerre March 2, 2017 4:09 pm
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Design Bridge has signed a 5,702-square-foot deal to be the first tenant at the renovated 45 West 27th Street, according to Kaufman Organization, which owns the leasehold for the property.
The three-decade old London-based branding company, which works with major firms like Unilever, Guinness and Lipton, will occupy the entire seventh floor of the 12-story building. Asking rent in the three-year deal was in the mid-$60s per square foot.
Design Bridge expects to move into the building within the next three months. It is relocating from 5 West 20th Street between Fifth Avenue and Avenue of the Americas.
Kaufman’s Grant Greenspan, Michael Heaner and Elliot Warren represented the landlord in-house, while Design Bridge did not have a broker in the transaction.
“Design Bridge felt comfortable being the first tenant in the door because 45 West 27th Street is a superior and creative product with a look and feel that emulates their employees and clients and will provide an overall good work environment,” Greenspan, a principal at Kaufman, said in a prepared statement.
The building was part of the Madison Square portfolio, which Kaufman acquired vai leasehold in April 2014 from Extell Development Company, for $175 million to $200 million, according to Greenspan. The portfolio included 19 West 24th Street between Fifth Avenue and Avenue of the Americas, 119 West 24th Street between Avenue of the Americas and Seventh Avenue and 15 West 27th Street between Broadway and Fifth Avenue.
A representative for Design Bridge did not immediately return a request for comment.
