The Real Deal New York

Crossmedia takes two floors at 275 Seventh

Media agency inked 10-year lease for 22K sf
March 24, 2017 10:35AM

Crossmedia’s Kamran Asghar and 275 Seventh Avenue

Media advertising agency Crossmedia inked a deal for 22,000 square feet at 275 Seventh Avenue in the heart of Midtown South’s TAMI hub.

The company signed a 10-year lease last month to occupy the top two floors of the property, which is located between West 25th and West 26th streets. Crossmedia will relocate from 22 West 23rd Street this summer, Commercial Observer reported.

275 Seventh, a 28-story building spanning 600,000 square feet, is owned by labor union and AFL-CIO affiliate Unite Here. The landlord was represented by CBRE’s Ross Zimbalist and Brian Dooley, as well as Tishman Real Estate Services’ Joe Simone, James Fitzgerald and Corinne Walker. Newmark Grubb Knight Frank’s Greg Wang and Eric Cagner represented Crossmedia.

Over the past three years, Unite Here has leased 150,000 square feet to TAMI clients at 275 Seventh, where tenants include Haymarket Media Group, FreeWheel Media and Abrams Artists Agency. It intends to build out the remaining vacant offices to hopefully draw in additional TAMI and other tenants.

The asking rent at 275 Seventh was not disclosed.

Between 2009 and 2016, overall asking rents in Midtown South rose 45 percent. The average asking rent for Class A office space in Midtown South was $83.19 per square foot late last year, according to JLL.  [CO]E.B. Solomont