X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Fashion forward publishing house Hachette Fillipachi Media-US is looking to relocate from its six-floor headquarters at 1633 Broadway for more affordable space in Lower Manhattan according to the New York Post Media Ink column this past Friday.

As if taking a cue from the ABC television series ‘Ugly Betty’–whose fictional fashion centric Meade Publications uses downtown as the B-Roll backdrop for its headquarters–the real life publisher of high fashion magazines like Elle, is reportedly shopping for space in the Wall Street area for when its lease ends in around 12 months.

“A lot of media companies are considering options outside of Midtown,” says Alex Cohen, senior director at Cushman & Wakefield, who added the moves were driven by how high rents had gone in Midtown. “Of course, now, office rents are going down in Midtown,” he tells Globe St.

And, nothing’s set for Hachette at this point according to HFM-US spokesperson Anne Janas who told GlobeSt.com, the publisher “will consider all options, both Midtown or Downtown.” She says, “There are no serious conversations with anyone at this point.”

“I’m sure that 1633 will bend over backwards to keep Hachette and be as aggressive as possible,” Cohen tells GlobeSt.com.

Another source later told GlobeSt.com that Hachette had started talking with the building owners–Paramount Group, Inc.–around 6 to 9 months ago. According to that source, Hachette and the owners were probably at around $70 a square foot. The source said that the Paramount would probably be willing to offer Hachette $50 a square foot. The Post reported Hachette’s current yearly rent at 1633 to be $15 million.

With increasing market uncertainty and another 12 months to go before the lease expires for the six floors Hachette occupies, the source said of the potentially vacant future space “frankly, we don’t even know how to price base floors.”

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.