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

Advertising giant shuffles its offices in the building

TRD 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
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
arrow_forward_ios

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

Loading...