PR firm takes new digs at Minskoff’s 1166 Ave. of the Americas

38K sf deal is one of the year's largest subleases

New York /
May.May 17, 2013 03:30 PM

Communications firm 5W Public Relations has taken a 38,166-square-foot space at Minskoff Equities’ 1166 Avenue of the Americas, the company’s CEO, Ronn Torossian, told The Real Deal today.

“Our employees and clients are already asking about a Thanksgiving day parade party now that the Macy’s parade goes down Sixth Avenue,” Torossian said.

5W PR sublet the entire fourth floor in the 44-story, 1.5 million-square-foot building from investment management firm D.E. Shaw & Co. The deal runs until February 2017, and asking rents for the space were $46. CBRE’s Roger Griswold brokered the deal, but declined to comment.

5W PR left a 24,000-square-foot space at Vornado Realty Trust’s 888 Seventh Avenue, where it was subleasing from software company SunGard.

“Thankfully, the entire public relations industry continues to grow and we need a larger footprint than we had at 888,” Torossian said.

Jared Solomon, a Vornado associate involved in leasing at the 841,000-square-foot building, said that since it was a sublease, Vornado had no involvement in the move and could not speak to future plans for the space.

D.E. Shaw currently leases 237,450 square feet at the Minskoff Equities building, according to CoStar.

“Since we moved onto three new floors in 2011, we have been relocating staff to the new floors and gradually releasing our older floors,” a spokesman for D.E. Shaw said.

The deal, which closed in March, is one of the largest sublease deals struck this year, according to data from commercial real estate firm Cassidy Turley. In February, the Clinton Global Initiative signed a sublease with Hearst for 30,000 square feet on the 42nd floor of 1271 Avenue of the Americas, as The Real Deal reported.

Other major tenants at 1166 Avenue of the Americas include Advance Publications, a media company that owns Condé Nast and leases 160,960 square feet of space at the property.


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