Omnicom Group extends 300K sf at L&L’s 195 Broadway 

Advertising giant shuffles its offices in the building

New York /
Feb.February 09, 2018 06:15 PM

Rob Lapidus, David Levinson and 195 Broadway

Big Four advertising conglomerate Omnicom Group is rearranging its offices at 195 Broadway in Lower Manhattan in a deal that frees up some of the building’s upper floors for landlord L&L Holding Company.

The Fortune 500 company extended the term for another 15 years on the roughly 288,000 square feet it occupies in the 29-story building, which for much of the 20th Century had been the headquarters of AT&T, sources told The Real Deal.

The deal relocates some of the advertiser’s upper floors down to a contiguous block in the base of the building spanning about 205,000 square feet on floors four through eight, sources said. The space includes the 30-foot-tall former AT&T auditorium spanning the fourth and fifth floors. Omnicom will continue to occupy roughly 82,000 square feet on the 17th and 18th floors of the 1 million-square-foot property.

Representatives for both Omnicom and L&L declined to comment. Feld Realty’s Lee Feld, who represented Omnicom, couldn’t be reached for comment. L&L’s David Berkey and Andrew Wiener represented the landlord in-house.

Asking rents in the building are $65 per square foot, sources told TRD.

Omnicom first moved into 184,000 square feet in the building in 2008, and grew its footprint through expansion options in the lease. Other tenants in the building include book publisher HarperCollins, which signed a 185,000-square-foot lease in 2013, and fellow publisher Abrams, which signed a 42,000-square-foot lease there about a year ago.

L&L Holding bought the property in 2005 for $206 million, and recapitalized it in late 2016 alongside Beacon Capital Partners by selling the majority interest to JPMorgan Chase for $498.5 million. The owners recently completed a $50 million redevelopment of the property’s retail component and inked deals with tenants like Nobu and Anthropologie.

L&L recently formed a $500 million joint venture with JPMorgan, which is administering the investment fund on behalf of the California State Teachers’ Retirement System pension fund.

Elsewhere, Omnicom in December renewed its 200,000 square feet in Hudson Square at GFP Real Estate’s 200 Varick Street.


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...