Asian-American Focused Media Company Shrinks to 20K SF in FiDi
Media company Multicultural Radio Broadcasting has signed a 20,077-square-foot lease at GFP Real Estate and Northwind Group’s 40 Exchange Place, shrinking its footprint by more than 5,400 square feet, Commercial Observer has learned.
The company, which produces radio and television content in numerous states that targets Asian Americans, currently occupies a 10,477-square-foot section of the second floor and the entire 15,010-square-foot 11th floor of the 20-story building at the corner of Exchange Place and William Street in the Financial District, according to information provided to CO by the landlord.
With the new deal, the media company will continue to operate in the second floor where it has production studios, but relocate its offices on the 11th floor to a 9,600-square-foot part of the 10th floor. The deal is for 10 years. And the asking rent in the building is $52 per square foot.
The company is shifting its operations to “a more efficient space,” GFP’s Allen Gurevich, who handled the transaction in-house for the landlords, said via email. Gurevich added that the landlord is building out the new space for the tenants.
Multicultural Radio Broadcasting, which did not have a broker in the deal, predates the landlords as it has been in the building since 2011. In November 2015, GFP (then known as Newmark Holdings) and Northwind Group acquired the 300,000-square-foot 40 Exchange Place from Weiss Realty for $115 million. The joint partnership recently completed a $20 million-plus gut rehabilitation of the property, as CO previously reported.
“40 Exchange is continuing to attract tenants across multiple industries and has transformed to what we expected it to be, a beautiful office building in a great location offering incredible value to its tenants,’ said Ran Eliasaf, the managing partner of Northwind Group, in a prepared statement.
In other recent transactions at the building, jewelry company Chloe and Isabel completed a five-year, 6,517-square-foot lease for part of the 17th floor for a showroom and office, and Powell Communications inked a 4,435-square-foot deal for a section of the second floor.