Related Companies signed its first tenant at its Long Island City development the Point, with VaynerMedia taking 43,000 square feet at the Blanchard Building.
The digital agency — which is partly owned by Related — will use the space at 2110 51st Avenue for a studio production house, the New York Post reported. Vayner is already based at Related’s 10 Hudson Yards, signing a lease for roughly 90,000 square feet there in 2014.
Last year, Related joined with GreenOak to buy the building at 2110 51st Avenue from longtime owner Mortimer Klaus, the founder of the men’s clothing brand Burma Bibas, for $62.5 million. The partnership also bought the 108,000-square-foot Paragon Oils & Burners building, about a block away at 21-00 49th Avenue, from Morgan Manhattan Moving and Storage, which had owned it since 1998.
Asking rents at the Blanchard are in the low $40s per square foot and the low $50s for the Paragon. The Blanchard spans 220,000 square feet with 35,000 square-foot floors, according to the newspaper. [NYP] — Miriam Hall