“Big four” ad agency inks major Garment District lease in Malkin-owned 1400 Broadway

TRD New York /
Apr.April 01, 2013 08:30 AM

An advertising agency has signed a major new lease in Anthony Malkin’s 1400 Broadway in the Garment District, helping to position the area as a happening hub for the creative class, the Wall Street Journal reported.

Interpublic Group of Cos., one of the advertising industry’s “big four,” inked a 86,000-square-foot deal on the lower floors of the building, and will move from its current offices on 23rd Street in the Flatiron District and in Soho on Sixth Avenue. A team headed by Jones Lang LaSalle’s Scott Panzer represented Interpublic. 

Malkin, who is one of the neighborhood’s largest landlords, has invested upwards of $100 per square foot in transforming the Garment District building into one that is attractive to big-ticket corporate tenants such as technology firm Verifone and the offices of department store Kohl’s. Malkin’s efforts represent a trend where the area’s landlords are rebranding the neighborhood, though this has met with resistance from the garment industry.

Indeed, these landlords have had a fair amount of success, with over 100 digital agencies and tech startups now based in the area, according to information the Journal received from the Business Improvement District. A big draw for these companies is the $41 per square foot average rent in the area, which compares favorably with the over $60 per square foot that tech tenants would pay in nearby Midtown South. [WSJ]  —Hiten Samtani


Related Articles

arrow_forward_ios
Tony Malkin (Getty)

Empire State Realty Trust lost $20M in Q2

Empire State Realty Trust lost $20M in Q2
Tony Malkin of Empire State Realty Trust (Getty)

Tony Malkin is shaking things up at Empire State Realty Trust

Tony Malkin is shaking things up at Empire State Realty Trust
Time Equities CEO Francis Greenburger and Empire State Realty Trust CEO Anthony Malkin (Credit: Getty Images and iStock)

Going green has some city landlords seeing red

Going green has some city landlords seeing red
Ric Clark, Anthony Malkin, Empire State Building

Landlords in “nuclear arms race” to upgrade buildings: Ric Clark

Landlords in “nuclear arms race” to upgrade buildings: Ric Clark
Is Empire State Realty Trust ready to become a buyer?

Is Empire State Realty Trust ready to become a buyer?

Is Empire State Realty Trust ready to become a buyer?
Malkin still wary of WeWork, “venture capital” startups

Malkin still wary of WeWork, “venture capital” startups

Malkin still wary of WeWork, “venture capital” startups
Malkin earned $3.5M from Empire State Realty Trust in 2015

Malkin earned $3.5M from Empire State Realty Trust in 2015

Malkin earned $3.5M from Empire State Realty Trust in 2015
Empire State Realty Trust will continue to play it safe: Malkin

Empire State Realty Trust will continue to play it safe: Malkin

Empire State Realty Trust will continue to play it safe: Malkin
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...