Trending
McCann inks 450K sf extension at Cohen Brothers’ 622 Third Ave
Ad agency's lease was set to expire in 2021
Advertising agency McCann Worldgroup is in for the long haul.
The firm, now a subsidiary of Interpublic Group (IPG), has signed a 15-year extension of its lease at Cohen Brothers Realty’s 622 Third Avenue, the New York Post reported. The lease was set to expire in 2021.
McCann has called the 39-story, nearly 1 million-square-foot tower home since 2000, and now occupies 450,000 square feet on floors 2-5 and 16-28. The asking rent for the renewal was $70 per square foot.
A JLL team represented the tenant in negotiations, while Cohen Brothers Realty senior vice president Marc Horowitz represented the landlord in-house.
The Cohen Brothers property at the corner of East 40th Street is also known as Grand Central Plaza, but continues to use its avenue address as well. By contrast, nearby 708 Third Avenue recently sought to disassociate itself from the avenue, rebranding as 10 Grand Central and even closing the entrance facing Third Avenue.
“We don’t want to be associated with Third Avenue,” Marx Realty CEO and president Craig Deitelzweig told the Post last year. “We want to be a Grand Central building.”
622 Third Avenue is almost fully leased, and counts several other IPG subsidiaries among its tenants, such as Area 23, MRM, Orion and PMK. [NYP] — Kevin Sun