Ad giant IPG grows to 280K sf at Brookfield’s 5 Manhattan West

Firm takes extra 52,000 sf in 15-year deal

New York /
Jan.January 26, 2015 08:00 AM

The Interpublic Group of Companies expanded its domain to more than 278,000 square feet at Brookfield Office Properties’ 450 West 33rd Street, also known as 5 Manhattan West, The Real Deal has learned.

The advertising services giant inked a 15-year lease renewal, taking an additional 52,350 square feet on part of the 11th floor, according to sources close to the deal. Prior to the renewal, IPG occupied 225,687 square feet at the 1.8 million-square-foot property, located near 10th Avenue.

Asking rent is in the $70s per square foot, sources said. Come June, IPG subsidiary R/GA Media Group will occupy about 173,000 square feet of that space.

JLL’s Scott Panzer represented the tenant, while a Cushman & Wakefield team led by Bruce Mosler and Josh Kuriloff represented the landlord. Panzer and Mosler declined to comment, while Kuriloff could not be reached.

The property, built in 1969, is slated for a $200 million renovation that will result in a new glass facade and unobstructed floor-to-ceiling windows.

JPMorgan Chase inked a 10-year deal for roughly 123,000 square feet on the ninth floor there in December, as previously reported.

IPG is headquartered at the W.R. Grace Building at 1114 Sixth Avenue, near West 43rd Street.


Related Articles

arrow_forward_ios
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
(Photo Illustration by The Real Deal with Getty Images)
US retail real estate rises from the ashes
US retail real estate rises from the ashes
Len Texter (Cushman & Wakefield)
Senior Cushman executive to depart
Senior Cushman executive to depart
(Photo Illustration by The Real Deal with Getty Images)
U.S. property value to fall 20% in likely recession, Cushman forecasts
U.S. property value to fall 20% in likely recession, Cushman forecasts
From left: Letitia James, Donald Trump and Brett White (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Cushman delivers 36K documents to AG in Trump probe
Cushman delivers 36K documents to AG in Trump probe
A photo illustration of 450 Park Avenue (left) and 8 Spruce Street (right) (Douglas Elliman, Reading Tom, CC BY 2.0 - via Wikimedia Commons, Getty Images)
CRE investment sales hit $21B in first half of 2022: report
CRE investment sales hit $21B in first half of 2022: report
Mitti Liebersohn and Arthur Mirante
Mirante, Liebersohn jump to Savills from Avison Young
Mirante, Liebersohn jump to Savills from Avison Young
From left: Letitia James, C&W's Brett White, and Donald Trump
Cushman & Wakefield squirms out of Trump sanctions
Cushman & Wakefield squirms out of Trump sanctions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...