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
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
Cushman & Wakefield's Doug Harmon and Adam Spies (Cushman, Getty)
Cushman’s top sales brokers negotiating new contract
Cushman’s top sales brokers negotiating new contract
Cushman & Wakefield's Brett White and John Forrester
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
Stephen Preuss
Top sales broker out at Cushman & Wakefield
Top sales broker out at Cushman & Wakefield
President & CEO of Northwood Investors with 520 and 524 Broadway. (Getty, Google Maps)
Northwood buys two Soho buildings for $325M
Northwood buys two Soho buildings for $325M
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
arrow_forward_ios

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

Loading...