Jones Lang LaSalle
Primedia
Primedia is consolidating and relocating its headquarters from Fifth Avenue into roughly 135,000 feet at 261 Madison Ave. between 38th and 39th streets.
The media conglomerate, which publishes Sail, Motor Trend, Guns & Ammo and other niche publications, has 200,000 feet spread over Midtown.
"When you are in six locations, there are redundancies and loss factors all over the place," said Willem VanDooijeweert, Primedia real estate director. "Sixty thousand feet is a considerable savings."
Primedia is currently headquartered at 745 Fifth Ave. and has digs at 200 Madison, 1440 Broadway and 249 W. 17th St. It also has about 40,000 square feet in 261, and another 33,000 feet across the street in 260 Madison, both owned by The Sapir Organization, which is providing exterior signage as part of the new lease.
"It's a good match because of the existing relationship with the ownership," said David Falk of Newmark Knight Frank, who represented Primedia along with colleagues David Kaplansky and Scott Panzer.
Alex Sapir, who was just appointed president of the family company, handled the nine-month-long transaction himself. He ripped up the two current leases to accomplish the new, high-$30s deal plus build-out designed by the tenant. The space includes the third to sixth floors plus the ninth and tenth.
"We are thrilled to have the prestigious media company Primedia join our tenant roster," said Sapir.
Falk noted, "There is still pent-up demand for tenants looking for over 50,000 high-end feet in Midtown and Midtown South. But if someone has 20,000 feet on a mid-rise floor in a 'B' building, it's not like people are knocking down the door. There is demand in certain sectors and industries." Capiche?
Primedia
Primedia is consolidating and relocating its headquarters from Fifth Avenue into roughly 135,000 feet at 261 Madison Ave. between 38th and 39th streets.
The media conglomerate, which publishes Sail, Motor Trend, Guns & Ammo and other niche publications, has 200,000 feet spread over Midtown.
"When you are in six locations, there are redundancies and loss factors all over the place," said Willem VanDooijeweert, Primedia real estate director. "Sixty thousand feet is a considerable savings."
Primedia is currently headquartered at 745 Fifth Ave. and has digs at 200 Madison, 1440 Broadway and 249 W. 17th St. It also has about 40,000 square feet in 261, and another 33,000 feet across the street in 260 Madison, both owned by The Sapir Organization, which is providing exterior signage as part of the new lease.
"It's a good match because of the existing relationship with the ownership," said David Falk of Newmark Knight Frank, who represented Primedia along with colleagues David Kaplansky and Scott Panzer.
Alex Sapir, who was just appointed president of the family company, handled the nine-month-long transaction himself. He ripped up the two current leases to accomplish the new, high-$30s deal plus build-out designed by the tenant. The space includes the third to sixth floors plus the ninth and tenth.
"We are thrilled to have the prestigious media company Primedia join our tenant roster," said Sapir.
Falk noted, "There is still pent-up demand for tenants looking for over 50,000 high-end feet in Midtown and Midtown South. But if someone has 20,000 feet on a mid-rise floor in a 'B' building, it's not like people are knocking down the door. There is demand in certain sectors and industries." Capiche?
posted by Jones Lang LaSalle NJ News Blog at 9:24 AM
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