The lease for the entire 17th floor at the 900,000-square-foot345 Hudson--located between Charlton and King streets--is for fiveyears, according to a release from Cushman & Wakefield, whicharranged the deal. Asking rents were not disclosed; comparablespaces in the area have gotten rents in the high $40s and low$50s.


"In Demand was very pleased to remain in its long-time officesat 345 Hudson Street," says Michael Burlant, a senior director atC&W, in a release. "The space offers great views and is in oneof the best buildings in the Hudson Square submarket." Burlant andC&W executive director Dale Schlather spoke for In Demand innegotiations with Trinity Real Estate, the building's owner. Thetenant is a provider of video-on-demand and pay-per-viewprogramming.


In Demand's media neighbors at 345 Hudson include Viacom's MTVNetworks, which in 2007 signed for 400,000 square feet there. Whenthe Nature Publishing Group renewed and expanded its lease tonearly 70,000square feet at Trinity's One Hudson Square last month, LeonManoff, executive managing director with Williams Real Estate, that the NPG deal was part of an increasingly prevalenttrend.


"Tenants are staying in place for a variety of reasons, manyrelated to cost," Manoff said in November. "They might be able tofind space a little cheaper elsewhere, but after you factor inconstruction and moving expenses, it makes more sense to renew." Aneven more striking example of the renewing-in-place trend, Manoffsaid, was Viacom's decision to keep its 1.3 million square feet at1515 Broadway.


Manoff, who represented NPG in the lease, told lastmonth that the deal also illustrated the appeal of the HudsonSquare area. "It's become a media hub," he said. Along with MTV,New York magazine had relocated to the neighborhood in thepast year and a half. The large floorplates of Hudson Square'soffice buildings are conducive to media operations, Manoff said,while the area itself "has developed a cachet." Another recentmedia-tenant arrival to the Hudson Square submarket is WNYC, whichmoved into its space at 160-170 Varick St. last summer.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.