A production company is moving to Paramount—the Paramount Building, we mean, not the studio.
Movie advertising and trailer creator Giaronomo Productions has signed a 7,620-square-foot lease for offices at the 800,000-square-foot building, which has an address at 1501 Broadway, Commercial Observer can first report.
The firm, which has worked on trailers for movies like The Martian, Rogue One: A Star Wars Story and Snowden, will occupy part of the seventh floor of the 33-story office property, which is located between West 43rd and West 44th Streets. The lease will run for a term of seven years and six months. The asking rent in the deal was $53 per square foot.
Giaronomo is relocating in August from 665 Broadway between Bond and Bleecker Streets in Noho.
An Avison Young’s team of Arthur Mirante, Michael Gottlieb, Anthony LoPresti, Matthew Hoffman and Joseph Gervino brokered the deal for the landlord Paramount Leasehold, a partnership of Levin Properties, the estate of Arthur G. Cohen and other investors. A separate Avison Young team of Michael Leff, Francis Santangelo and Scott Steuber represented Giaronomo.
“After surveying a number of buildings in submarkets throughout the city to meet our client’s requirements, 1501 Broadway afforded Giaronomo the best value with the ability to customize the installation to fit their needs,” Leff said in a statement.
The landlords are completing a $50 million renovation of the Paramount Building, which includes replacing the windows, elevators, upgrading the common areas and relocating the lobby from Broadway to 43rd Street, as CO previously reported.
“Once home to both Paramount Pictures and the Paramount Theater, this celebrated Midtown asset has a storied history with movie and theater-related tenants that continues to this day,” Mirante said in prepared remarks.
Earlier this year, Hamilton producer Adventureland inked a 10,109-square-foot deal for space in the building, as CO previously reported. Many theater tenants have space in the Paramount Building, including Second Stage Theatre, Nederlander Organization and Telsey + Co.