The Real Deal New York

Ad giant IPG grows to 280K sf at Brookfield’s 5 Manhattan West

Firm takes extra 52,000 sf in 15-year deal

January 26, 2015 08:00AM
By Mark Maurer

450-w-33

From left: Rendering of 450 West 33rd Street in Midtown, Scott Panzer and Bruce Mosler

The Interpublic Group of Companies expanded its domain to more than 278,000 square feet at Brookfield Office Properties’ 450 West 33rd Street, also known as 5 Manhattan West, The Real Deal has learned.

The advertising services giant inked a 15-year lease renewal, taking an additional 52,350 square feet on part of the 11th floor, according to sources close to the deal. Prior to the renewal, IPG occupied 225,687 square feet at the 1.8 million-square-foot property, located near 10th Avenue.

Asking rent is in the $70s per square foot, sources said. Come June, IPG subsidiary R/GA Media Group will occupy about 173,000 square feet of that space.

JLL’s Scott Panzer represented the tenant, while a Cushman & Wakefield team led by Bruce Mosler and Josh Kuriloff represented the landlord. Panzer and Mosler declined to comment, while Kuriloff could not be reached.

The property, built in 1969, is slated for a $200 million renovation that will result in a new glass facade and unobstructed floor-to-ceiling windows.

JPMorgan Chase inked a 10-year deal for roughly 123,000 square feet on the ninth floor there in December, as previously reported.

IPG is headquartered at the W.R. Grace Building at 1114 Sixth Avenue, near West 43rd Street.

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