Owned by Edward J. Minskoff Equities and Vornado Realty Trust,the 160,335-sf building, constructed in 1968, is located on SeventhAvenue between 53rd and 54th streets, with residential condominiumsabove the office space. With this new deal, Mediaedge now leasesthe building's entire office portion.
[IMGCAP(2)]CB Richard Ellis arranged the lease on behalf of thetenant. Mediaedge will sublease the eighth and ninth floors fromInternational Marketing Group for four years, followed by a directlease with building ownership. Mediaedge is part of GroupM withinparent company WPP.
A CBRE spokesperson tells GlobeSt.com that the brokers do notwant to release the financial info at this time. Edward Minskofftells GlobeSt.com that the company never provides details on theeconomics of any of its transactions. According to both Grubb &Ellis' and CB Richard Ellis' April 2008 market reports, averageasking rents in midtown were around $85 per sf.
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