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New York

Publisher of Variety signs 56K sf lease at TIAA-CREF’s 475 Fifth

Penske Media to occupy four floors in Midtown building

From left: 475 Fifth Avenue, Jay Penske and Doug Neye
From left: 475 Fifth Avenue, Jay Penske and Doug Neye

Penske Media Corporation, the publishing company that owns such magazines as Variety and Women’s Wear Daily, inked a deal for 56,000 square feet at TIAA-CREF’s Midtown office building at 475 Fifth Avenue.

The Jay Penske-run company would consolidate its New York City space into the second, third, 14th and 16th floors at the recently renovated 23-story property. Penske now occupies space at 120 West 45th Street and 750 Third Avenue.

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A JLL team led by Douglas Neye and Cynthia Wasserberger represented the landlord, which paid $144 million for the building in 2011.

Other tenants moving into the property include VOA Architecture and Japanese design store Muji. VOA signed for 15,375 square feet on the 12th floor, while Muji grabbed 15,500 at the base of the building. [NYP, 3rd item] — Mark Maurer

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