The New Republic inks deal for NYC office space

From left: Jovani Rampersad, Chris Hughes and 60 Madison Avenue
From left: Jovani Rampersad, Chris Hughes and 60 Madison Avenue

The New Republic, the Washington, D.C.-based magazine of politics and culture, has inked a 3,750-square-foot lease at 60 Madison Avenue, according to a Moinian Group announcement released today. Jovani Rampersad, commercial leasing director at Moinian represented the owner; Elie Reis of Rice & Associates represented the tenant in the transaction. The office will be used for executive and editorial purposes.

The asking and taking rents were not mentioned.

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The 12-story property, located in between East 26th and 27th streets, measures 169,360 square feet, according to PropertyShark, though the release says it totals 220,000 square feet. PropertyShark shows that 168,860 square feet are designated for office space and 500 square feet for retail. Other tenants in the building include Weight Watchers and Strawberry Frog, an advertising agency.

The New Republic was purchased earlier this year by Chris Hughes, a Facebook co-founder, who roomed with Mark Zuckerberg at Harvard. Hughes has said that he plans to bring the magazine, which has been in circulation since 1914, into the digital age through the use of electronic mediums, like tablets and mobile apps, but will not end the print edition. — Zachary Kussin