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Gannett to move its NYC office two blocks north
Media company inked sublease deal with rent in mid-$60s
Gannett has inked a sublease for the entire 23rd floor at Rudin Management’s 1675 Broadway.
The owner of USA Today and other local news publications will move into the 24,200-square-foot office in March, according to CBRE’s Gregg Rothkin, who represented the sublandlord in the deal. It will vacate its current New York City location at 1633 Broadway.
The asking rent for the 10-year deal was mid-$60s per square foot per year.
CBRE declined to disclose the identity of the sublandlord, but the floor was previously occupied by Saatchi & Saatchi Wellness, an advertising agency owned by Publicis Groupe. The French media conglomerate once occupied nearly 600,000 square feet of the 800,000-square-foot office tower.
In 2019, Publicis moved all of its agencies, including Saatchi & Saatchi, to 375 Hudson Street in Hudson Square.
Prospective office tenants have plenty of options, as Manhattan’s office availability hit a record-high 14.9 percent in January, according to Colliers International. The net sublet availability increased by 450,000 square feet in January to 18.7 million, up 58.5 percent from a year ago.
A team led by CBRE’s Rothkin and John Maher represented the sublandlord. Gannett was represented by Gordon Ogden and Nick Gilman of Byrnam Wood.
Gannett and Publicis did not immediately return requests for comment.