Jones Lang LaSalle


Video firm in media center
VMS signs for Times Square location

Published on February 20, 2006

Video Monitoring Services, which tracks advertising and media content, is moving a few blocks east to be closer to its clients.

The company has leased 30,000 square feet at 1500 Broadway, between West 43rd and West 44th streets. The asking rent in the building is about $48 a square foot. VMS is now located at 330 W. 42nd St., between Eighth and Ninth avenues.

"Moving to Times Square, which is the media center of the world, is reflective of the company that we are and the way we want to be perceived by our clients," says Chief Executive Peter Wengryn. Other tenants in the building include public relations firm Daniel J. Edelman Inc. and E! Entertainment Television.

VMS, which was represented by Equis Corp. in the deal, has signed a 10-year lease for the entire sixth floor. The offices had been occupied by Essence magazine, which was acquired by Time Inc. last year and has since moved to 135 W. 50th St.
Essence also occupied 13,000 square feet on part of the fifth floor, and another tenant is close to signing a lease for that space, says Paul Amrich, a senior director at Cushman & Wakefield Inc., which represents the building.

"The entire space that was vacated by Essence two months ago is nearly gone," Mr. Amrich says, adding that the leasing activity will bring the vacancy rate down to 2%.

--Julie Satow