Communications Agency RR Donnelley Heads to Madison Avenue
Marketing firm RR Donnelley is moving its offices a block west to 261 Madison Avenue in Midtown South, landlord Sapir Organization announced today.
The Chicago-based outfit inked a 10-year, 14,025-square-foot lease for the entire 14th floor of the 28-story building between East 38th and East 39th Streets. The company is planning to leave its current 26,311-square-foot offices at 99 Park Avenue later this fall.
Asking rent in the deal was in the high-$60s per square foot, according to sources familiar with the transaction, which was first reported by the New York Post.
CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Tim Freydberg and Jared London represented the landlord in the deal. And Dan Knopf and Ben Fastenberg, also of CBRE handled the transaction on behalf of the tenant. A CBRE spokeswoman didn’t immediately return a request for comment.
“We’re proactively building out modern, high-end spaces across our office portfolio, and this latest in a string of lease deals at 261 Madison is testament to that work,” said Alex Sapir, president and CEO of the Sapir Organization, in prepared remarks.