Omnicom Growth Brings B'way Tower to Capacity

NEW YORK CITY-A year after expanding its footprint at 195 Broadway by a full floor, advertising agency Omnicom has enlarged its space there again, adding 26,414 square feet on the 29-story tower's 18th floor. The expansion brings Omnicom's presence at 195 Broadway to 295,294 square feet and the office property's occupancy to 100%.

This past April, Omnicom—whose brands include BBDO Worldwide, DDB Worldwide and TBWA Worldwide—leased the 39,347-square-foot 17th floor at 195 Broadway, co-owned by L&L Holding Co. LLC and Beacon Capital Partners. It established its presence there in 2007 with a lease of approximately 160,000 square feet, two years after L&L and then-partner GE Capital paid $265.7 million to buy the 1.1-million-square-foot tower from Kalikow & Co.

Omnicom's latest expansion comes a few weeks after 195 Broadway signed another media tenant to a long-term commitment. HarperCollins took out a 15-year lease for over 180,000 square feet, continuing the trend of tenants in the so-called TAMI sector—technology, advertising, media and information—to migrate Downtown.

Sometimes called the “wedding cake building” for its distinctive appearance, 195 Broadway once housed the New York headquarters of AT&T. “It's ironic that the property which saw so many world changing technological innovations during the period of AT&T's tenancy has again become a destination address for tech and new media companies,” says David C. Berkey, EVP at L&L, in a release.

In the release, L&L chairman and CEO David Levinson notes that although his building is now fully leased, there is already significant interest in the block of space that's anticipated to become available when Thomson Reuters relocates at the end of 2015. It's currently the largest tenant at 195 Broadway with about 400,000 square feet.

Lee Feld of Feld Real Estate LLC represented Omnicom in its latest expansion, while L&L's Berkey and Andrew Wiener represented the property's ownership. Lease terms were not disclosed; asking rent at the property is $47 per square foot.