PR Firm Consolidating and Relocating Within Midtown
Communications Partners Group has inked a 14,802-square-foot lease at Stawski Partners’ 1212 Avenue of the Americas, Commercial Observer has learned.
The public relations firm, which serves the healthcare industry, will occupy the entire 10th floor of the 23-story building between West 47th and West 48th Streets. The asking rent in the 10-year deal was $70 per square foot, a source with knowledge of the transaction told CO.
The company plans to relocate in the fourth quarter from 360 Madison Avenue between East 45th and East 46th Street, a building that is also owned by Stawski Partners. At that property Communications Partners Group was a subtenant of Bank of Montreal and had 22,519 square feet on the fourth floor, according to CoStar Group.
“Communication Partners had been a long-term subtenant in another Stawski property and appreciated how the buildings were operated and maintained,” Savills Studley’s Nick Farmakis, who represented Communications Partners Group in the new deal with colleague John Mambrino, said in a prepared statement. “The opportunity came up to remain within the portfolio at a competitive price point and with the incentive of a new built-to-suit installation. This allowed Communication Partners to relocate to a more modern and efficient open space.”
CBRE’s Ed Goldman, Sam Seiler and Derrick Ades represented landlord Stawski Partners at 1212 Avenue of the Americas. CBRE declined to comment on the deal via a spokeswoman.