Billy Macklowe’s 386 Park Avenue South signed an advertising and marketing communications agency to a full floor at the Midtown South office tower that Macklowe revamped to appeal to creative companies. The deal marks the sixth full-floor transaction at the 20-story tower in the past eight months.
“The strength of our high-end prebuilt program has been extremely appealing to the emerging creative industries in the area, who want the ease of turn-key space so they can simply plug in and start their business immediately,” Macklowe said in an email to the New York Observer.
Lowe Campbell Ewald, a subsidiary of Interpublic Group of Companies, inked a ten-year lease for 12,121 square feet at the tower, between East 27th and East 28th streets. Asking rents are $57 to $72 per square foot, the Observer said. Brokers Robert Romano, Scott Panzer and Shannon Rzeznikiewicz of Jones Lang LaSalle represented Lowe, according to the paper.
Macklowe, along with partner firm Principal Real Estate Investors, bought the building for $111.5 million in 2012 and renovated the space.