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.
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.