The media company behind Billboard Magazine, Adweek and the Hollywood Reporter is subleasing 40,000 square feet from Twitter at 340 Madison Avenue in Midtown.
Prometheus Global Media signed a 3.5-year deal with Twitter for the space, located on the sixth floor of RXR Realty’s 22-story, 745,000-square-foot property. The office will house Billboard and the Hollywood Reporter, with those publications moving from Vornado Realty Trust’s 770 Broadway in Midtown South.
Asking rent was in the high-$60s per square foot, according to the New York Observer, with the space becoming available after Twitter moved to new headquarters at New York REIT’s 245-249 West 17th Street.
Prometheus recently signed a 10-year lease for 33,000 square feet in One Worldwide Plaza, at 825 Fifth Avenue in Midtown West, to house publications including Adweek and Mediabistro, The Real Deal reported.
Chris Mongeluzo and E.N. Cutler of Newmark Grubb Knight Frank represented Prometheus in the 340 Madison deal, with Cresa’s Christina Clark and Eric Thomas representing Twitter. [NYO] – Rey Mashayekhi