IPG Expands to 117K SF in Midtown
The Interpublic Group of Companies, a conglomerate of media and marketing agencies, has signed a deal at 111 West 33rd Street to bring its office footprint in Midtown nearly 117,000 square feet, Commercial Observer has learned.
IPG signed a five-year, 26,134-square-foot lease on the sixth floor of the 26-story building between Broadway and Seventh Avenue, according to landlord Empire State Realty Trust. Combined with its existing 90,629-square-foot footprint nearby at 1400 Broadway, the publicly traded corporation now occupies 116,763 square feet across the two Midtown properties owned by ESRT. Asking rent for the space was $66 a square foot, according to an ESRT spokeswoman.
“The expansion by The Interpublic Group of Companies is another example of the incredible value and service proposition that ESRT offers, demonstrated by the 181 tenant expansions for approximately 1.3 million square feet since 2013,” said Thomas Durels, an executive vice president of real estate at ESRT, in a prepared statement.
Scott Panzer, Robert Romano and Shannon Rzeznikiewicz of JLL (JLL) represented IPG in the deal. Keith Cody handled the transaction in-house for ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark (NMRK) Knight Frank. Spokespeople for JLL and NKF didn’t immediately respond to a request for comment.
Update: IPG’s new lease brought it to 117,000 square feet across 111 West 33rd Street and 1400 Broadway, not only in 111 West 33rd Street. This post has been corrected to reflect that.