Medialink Unloads 7,692 SF of Space in Norwalk

Medialink Worldwide announced Sept. 8 it had signed a sublease with an unnamed firm for what it termed excess space. Since then, GlobeSt.com has confirmed that the subtenant is "Ventus Networks One Source – A Universe of Solutions." Ventus is currently headquartered at 143 Sound Beach Ave. in Old Greenwich, CT. According to Melissa Caufield, a company spokesperson, Ventus Networks plans to relocate its 23 employees to 800 Connecticut Ave. on Sept. 19. The term of the sublease deal is four-and-a-half years.

"The new facility will allow us to build a new data center and a network modeling center," Caufield says.

Medialink, a worldwide multimedia communications solutions firm, will maintain a major presence at 800 Connecticut Ave. Ryan Barr, a company spokesman for Medialink, said the firm will retain 16,995 sf of space at the building for its Delahay public relations research subsidiary. He stressed that the subleased space was excess and the deal did not require the relocation of any employees of the firm. Medialink's corporate headquarters is located at 708 Third Ave. in New York City.

Tom Pajolek, senior vice president with CB Richard Ellis, represented Ventus, while Marisa Manley of Commercial Tenant Real Estate Representation of Manhattan handled the sublease deal for Medialink.

"The sublease agreement continues our efforts to streamline and reduce the company's expenses," said J. Graeme McWhirter, executive vice president and CFO of Medialink. "From an income statement and cash flow perspective, this sublease will significantly reduce our ongoing facility costs and further strengthen the company's cash flow position."

Medialink officials say the sublease agreement will require a charge to operations totaling approximately $592,000 to be recorded in the third quarter ended Sept. 30, 2003. As a result, the company's annual rent expense will be reduced by approximately $255,000 and the company anticipates a benefit to cash flow, excluding transaction costs, of approximately $120,000 per year over the four-and-a-half year term of the sublease, beginning in September 2003.