Owned by Edward J. Minskoff Equities and Vornado Realty Trust, the 160,335-sf building, constructed in 1968, is located on Seventh Avenue between 53rd and 54th streets, with residential condominiums above the office space. With this new deal, Mediaedge now leases the building's entire office portion.
[IMGCAP(2)]CB Richard Ellis arranged the lease on behalf of the tenant. Mediaedge will sublease the eighth and ninth floors from International Marketing Group for four years, followed by a direct lease with building ownership. Mediaedge is part of GroupM within parent company WPP.
A CBRE spokesperson tells GlobeSt.com that the brokers do not want to release the financial info at this time. Edward Minskoff tells GlobeSt.com that the company never provides details on the economics of any of its transactions. According to both Grubb & Ellis' and CB Richard Ellis' April 2008 market reports, average asking rents in midtown were around $85 per sf.
"Mediaedge's business continues to expand, and the ability to expand into the remainder of the office portion of their building while providing for some meaningful upgrades was the ideal solution," explains Gregory Tosko, vice chairman of CBRE, who negotiated the deal with Mary Ann Tighe, chief executive of CBRE, and Bruce MacAffer, WPP's senior director of real esate.
Robert Ageloff and Patrick Lennon, of the Staubach Co., represented IMG, while Jeffrey Sussman, of Edward J. Minskoff Properties, represented building ownership. "The new lease allows us to meet the increasing demands of our business in a building that has served us well," says Elizabeth Brattis, managing partner of GroupM, in a prepared statement. "Our business is thriving. Expanding in this space helps accommodate our growth."
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