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Publicis Groupe subsidiary puts 80K sf on Midtown South sublease market
Amid company turmoil, MRY looks to unload office at 11 West 19th Street
A subsidiary of one of the “Big Four” advertising agencies is putting nearly 80,000 square feet at its Midtown South office on the sublease market following recent turmoil at the company.
MRY, a social-media agency owned by French advertising giant Publicis Groupe, is looking to sublet 78,000 square feet at its 11 West 19th Street headquarters between Fifth and Sixth avenues, Crain’s reported. The 11-story building, owned by Thomas Block of Block Buildings, totals 224,000 square feet, records show.
MRY hit a bump earlier this year when it lost two major clients and numerous key staff members departed anticipating a round of layoffs.
If MRY sublets the space, the company could potentially relocate into other Publicis spaces, such as the headquarters at Rudin Management’s 1675 Broadway or Tishman Speyer’s 375 Hudson Street.
Midtown South had a sublease availability rate of 1.5 percent during the second quarter of the year with an average asking rent of $55.86 per square foot, according to Colliers International.
Publicis recently signed a 15,000-square-foot lease at Industry City in Sunset Park for its production arm Prodigious, as The Real Deal originally reported. [Crain’s] – Rich Bockmann