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Digital ad firm grabs 173K square feet at 5 Manhattan West
Brookfield in talks with other possible tenants for remaining 300K-plus square feet at building
Digital advertising firm R/GA Media Group signed a lease for 173,000 square feet at Brookfield Office Properties’ 450 West 33rd Street, also known as Five Manhattan West.
Asking rent at the 1.8 million-square-foot, 16-story property near 10th Avenue ranges from the high $60s to $80 per square foot. R/GA, an arm of the Interpublic Group of Companies, will set up offices on part of the 11th floor and the full 12th floor.
The landlord announced in February it planned to launch a $200 million renovation of the site. This will result in unobstructed floor-to-ceiling windows and a glassy exterior, according to the Wall Street Journal.
Roughly 325,000 square feet there is available, but prospective tenants are in talks to occupy nearly all of it. Brookfield acquired a majority stake in the property in 2011.
Scott Panzer of JLL represented the tenant, while Bruce Mosler, Josh Kuriloff, Mikael Nahmias and Ethan Silverstein of Cushman & Wakefield represented Brookfield. [WSJ] — Mark Maurer