Ad behemoth takes 25K sf at Tawfik’s 104 West 40th Street

Interpublic Group adds to its large Midtown presence
June 26, 2013 09:00AM

A subsidiary of advertising conglomerate Interpublic Group has taken 25,000 square feet of space at David Tawfik’s 104 West 40th Street, Crain’s reported. Gotham Inc., a boutique arm of the giant IPG, will leave its current space at 150 East 42nd Street.

The deal will bring Gotham closer to IPG’s main offices at 100 West 33rd Street, where it expanded by nearly 100,000 square feet late last year, according to Crain’s, and to IPG’s other outpost, at 1400 Broadway, where the company took nearly 90,000 square feet in April.

“They liked the fact that they would be close to other IPG locations,” Jones Lang LaSalle’s Scott Panzer, who represented Gotham in the deal, told Crain’s.

Tawfik’s company, Princeton International Properties – which paid Savanna $105 million for the 220,000-square-foot building in September  — was represented by CBRE Group’s Paul Amrich in the deal. Asking rents at the property are in the $50s and $60s per square foot. [Crain’s]  – Hiten Samtani