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.


"Mediaedge's business continues to expand, and the ability toexpand into the remainder of the office portion of their buildingwhile providing for some meaningful upgrades was the idealsolution," explains Gregory Tosko, vice chairman of CBRE, whonegotiated 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. MinskoffProperties, represented building ownership. "The new lease allowsus to meet the increasing demands of our business in a buildingthat has served us well," says Elizabeth Brattis, managing partnerof GroupM, in a prepared statement. "Our business is thriving.Expanding in this space helps accommodate our growth."

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.