Macklowe signs Interpublic Group subsidiary at 386 Park

From left: Billy Macklowe, 386 Park Avenue South
From left: Billy Macklowe, 386 Park Avenue South

Billy Macklowe’s 386 Park Avenue South signed an advertising and marketing communications agency to a full floor at the Midtown South office tower that Macklowe revamped to appeal to creative companies. The deal marks the sixth full-floor transaction at the 20-story tower in the past eight months.

“The strength of our high-end prebuilt program has been extremely appealing to the emerging creative industries in the area, who want the ease of turn-key space so they can simply plug in and start their business immediately,” Macklowe said in an email to the New York Observer.

Lowe Campbell Ewald, a subsidiary of Interpublic Group of Companies, inked a ten-year lease for 12,121 square feet at the tower, between East 27th and East 28th streets. Asking rents are $57 to $72 per square foot, the Observer said. Brokers Robert Romano, Scott Panzer and Shannon Rzeznikiewicz of Jones Lang LaSalle represented Lowe, according to the paper.

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Macklowe, along with partner firm Principal Real Estate Investors, bought the building for $111.5 million in 2012 and renovated the space.

Lowe will be joining Profero, another communications firm that purchased office space in the building last spring. [NYO]Angela Hunt