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NEW YORK CITY-One media company is subleasing from another, as the Economist Group is taking on 62,000 square feet of space currently occupied by Advanced Magazine Publishers, a Conde Nast division, at 750 Third Ave. The Economist Group, a longtime presence on West 57th Street, plans to move into its new space in the second quarter of 2010 for the 11 years remaining on the Advanced lease.

“Because both the sublessor and sublessee are publishing companies, the space literally was a perfect fit,” says Richard Charkham, managing director at FirstService Williams, in a release. “The fact that the transaction was completed in a very short time frame is a testament to just how solid a deal this is for both parties. The office layout, furniture, equipment and technology infrastructure were already optimized for a publishing firm. The Economist Group needs to do very little work before moving in.” The UK-based publisher of The Economist magazine is currently located at 111 W. 57th St.

Sublease terms were not available. However, asking rent for the space, which covers the entire fifth floor and half of the sixth, is $55 per square foot.

Representing the Economist Group in the deal were Charkham and FSW president Michael Cohen, and UK-based Equipe Real Estate Advisors served in an advisory role for the subtenant. CB Richard Ellis vice chairman Greg Tosko, SVP David Hollander and senior associate Jason Frazier represented Conde Nast.

Along with Conde Nast’s Fairchild Publications unit, other tenants at 750 Third include Eisner LLP, the Schonbraun McCann Group and CPA firm Marcum & Kliegman, which relocated there in May. The 34-story property in the Grand Central district, which is owned by S.L. Green Realty Corp., recently underwent a capital improvement program.

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