Private Equity Fund Administrator Gen II Takes Over 98K SF at 1675 Broadway
By Isabelle Durso November 19, 2024 2:45 pm
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Private equity fund administrator Gen II Fund Services is taking over 98,000 square feet of Publicis Groupe’s office space at 1675 Broadway for its new headquarters.
The firm signed a sublease with French advertising agency Publicis during the third quarter for its space at the 35-story Midtown tower owned by Rudin, according to the New York Business Journal, which first reported the news.
The length of the sublease and asking rent were unclear, but a report from Newmark found office rents in Midtown averaged $80.50 per square foot during the third quarter of 2024.
CBRE (CBRE)’s John Maher and Gregg Rothkin brokered the deal for the sublandlord, while William Iacovelli, also of CBRE, represented the tenant. Spokespeople for CBRE, Gen II, Rudin and Publicis did not immediately respond to requests for comment.
Gen II will move its global HQ to the building between West 52nd and West 53rd streets after it leaves its current 48,000-square-foot office at Cohen Brothers Realty’s 805 Third Avenue.
“As our team grows and client demand accelerates, we’ve sought a space that fosters collaboration, creativity and innovation,” Gen II CEO Steven Millner told the Business Journal.
Millner also told the outlet that roughly 600 employees will work at the company’s new office as Gen II remains “dedicated to providing [its] employees with the environment and resources they need.”
Publicis has been working to offload its 545,000 square feet at 1675 Broadway since 2019, when it moved to 960,000 square feet at 375 Hudson Street. In February 2021, the firm subleased 24,195 square feet to media conglomerate Gannett, as Commercial Observer previously reported.
Other tenants at Rudin’s Midtown building include law firms Davis+Gilbert, which signed a 12,022-square-foot expansion there in November 2023, and Ballard Spahr, which took 27,000 square feet at the tower in June 2017.
Isabelle Durso can be reached at idurso@commercialobserver.com.
