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NEW YORK CITY—ALM Media has relocated its New York headquarters to 150 E. 42nd St. The business and news information provider signed a 10-year lease for 46,000 square feet on the mezzanine level. The company had announced its plans to move into the 42-story, 1.15 million square-foot, steel-clad office building back in February.
The digital media company produces content geared towards professionals in the legal, financial services, consulting, property and casualty insurance and real estate industries. Its online resources and print publications include Law.com, The National Law Journal, New York Law Journal, ThinkAdvisor, GlobeSt.com and Real Estate Forum.
The building owners, David Werner Real Estate, 601 W. Companies, Harry Skydell and Berkley Properties acquired the building in August 2014 from Hiro Real Estate for $900 million.
Working with the architecture and interior design firm the Spector Group, ALM created build-to-suit, modern office spaces. In addition to offices and individual desk cubicles, a centrally placed town hall with a cafeteria anchors the layout. It features a mural showing landscapes of ALM’s 15 different office locations. In addition, informal and formal meeting rooms, phone rooms, booths, small team rooms and a library providing a larger, quiet area were created to support employees’ different functions.
“We’ve made sure that throughout the process we designed several creative and interactive spaces to foster collaboration and enhance teamwork across the business, as well as provide the right mix of private spaces,” says Bill Carter, CEO at ALM. “We believe the new space in this central Midtown East location will help us continue to gather and provide essential market news and intelligence for our clients, readers, viewers and listeners.”
Michael Cohen, tri-state president, Leon Manoff, vice chairman, and Robert Goodman, executive managing director, all with Colliers International, represented ALM in negotiating the lease.
Formerly known as the Sacony-Mobil Building, completed in 1956, 150 E. 42nd St. was designed by John B. Peterkin with revisions by the Harrison & Abramovitz architecture firm. With a distinctive, ornamental pattern stamped into the steel exterior and with blue glass plates on the lower floors, the easily recognizable building was landmarked in 2003.
ALM vacated its Financial District office at 120 Broadway at the end of its lease. In July 2008, the company began a consolidation of all its New York offices housing various publications into the downtown skyscraper owned by UBS Realty and Silverstein Properties. Completed in 1915, the Equitable Building is currently undergoing a $50 million renovation.
Betsy Kim is the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
More than half of the quarter four leasing activity for properties over 25,000 square feet took place in the Airport Area.
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