IMG Worldwide will be expanding its lease at 304 Park Avenue South, the New York Observer reported.
Under the terms of the new lease, the global sports, fashion and media firm will now occupy 72,080 square feet in the building. The lease also grew from its original term of 10 years to 15 years. The company will continue to operate its global headquarters out of The General Motors Building On Fifth Avenue.
IMG also has offices throughout the city, including presences at 432 West 45th Street, 14 Penn Plaza And 51 West 25th Street, serving IMG Art + Commerce and regional IMG College divisions.
Michael Laginestra, Rocco Laginestra and Christopher Mansfield from CBRE represented the tenant on leasing negotiations. Meanwhile, Steven Durels, Howard Tenenbaum and Gary Rosen negotiated the lease on behalf of landlord SL Green Realty in-house.
Asking rents in the building are around $65 per square foot for office tenants and $275 per square foot for Its Retail Space Along The 23rd Street corridor. [NYO] – James Comtois