New York

“Big four” ad agency inks major Garment District lease in Malkin-owned 1400 Broadway

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/1400-Broadway-New-York-NY-10018/1008140019-0" target="_blank" data-address="1400%20Broadway%2C%20New%20York" data-label="1400%20Broadway" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F1400-Broadway-New-York-NY-10018%2F1008140019-0" data-bbl="1008140019" data-blockValue="00814" data-lotValue="0019" data-zipcode="10018" data-bldgArea="768%2C530" data-bldgDepth="193" data-bldgFront="96" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="28%2C950" data-lotFront="98" data-lotDepth="200" data-retailArea="18%2C000" data-resArea="0" data-officeArea="748%2C316" data-garageArea="0" data-strgeArea="2%2C214" data-factryArea="0" data-otherArea="0" data-bldgClass="O4" data-primaryZoning="C5-3" data-commercialOverlay="" data-far="10" data-buildable="289%2C500" data-airRights="-479%2C122" data-propertyNeighborhood="Midtown%20South" data-latitude="40.7529574654497" data-longitude="-73.9866866559164" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1400-Broadway-New-York-NY-10018%5C%2F1008140019-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1400-Broadway-New-York-NY-10018%5C%2F1008140019-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">1400 Broadway</a> and Anthony Malkin

1400 Broadway and Anthony Malkin

An advertising agency has signed a major new lease in Anthony Malkin’s 1400 Broadway in the Garment District, helping to position the area as a happening hub for the creative class, the Wall Street Journal reported.

Interpublic Group of Cos., one of the advertising industry’s “big four,” inked a 86,000-square-foot deal on the lower floors of the building, and will move from its current offices on 23rd Street in the Flatiron District and in Soho on Sixth Avenue. A team headed by Jones Lang LaSalle’s Scott Panzer represented Interpublic. 

Malkin, who is one of the neighborhood’s largest landlords, has invested upwards of $100 per square foot in transforming the Garment District building into one that is attractive to big-ticket corporate tenants such as technology firm Verifone and the offices of department store Kohl’s. Malkin’s efforts represent a trend where the area’s landlords are rebranding the neighborhood, though this has met with resistance from the garment industry.

Indeed, these landlords have had a fair amount of success, with over 100 digital agencies and tech startups now based in the area, according to information the Journal received from the Business Improvement District. A big draw for these companies is the $41 per square foot average rent in the area, which compares favorably with the over $60 per square foot that tech tenants would pay in nearby Midtown South. [WSJ]  —Hiten Samtani

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New York

“Big four” ad agency inks major Garment District lease in Malkin-owned 1400 Broadway

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/1400-Broadway-New-York-NY-10018/1008140019-0" target="_blank" data-address="1400%20Broadway%2C%20New%20York" data-label="1400%20Broadway" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F1400-Broadway-New-York-NY-10018%2F1008140019-0" data-bbl="1008140019" data-blockValue="00814" data-lotValue="0019" data-zipcode="10018" data-bldgArea="768%2C530" data-bldgDepth="193" data-bldgFront="96" data-landUse="Comm%20%26%20office%20buildings" data-lotArea="28%2C950" data-lotFront="98" data-lotDepth="200" data-retailArea="18%2C000" data-resArea="0" data-officeArea="748%2C316" data-garageArea="0" data-strgeArea="2%2C214" data-factryArea="0" data-otherArea="0" data-bldgClass="O4" data-primaryZoning="C5-3" data-commercialOverlay="" data-far="10" data-buildable="289%2C500" data-airRights="-479%2C122" data-propertyNeighborhood="Midtown%20South" data-latitude="40.7529574654497" data-longitude="-73.9866866559164" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1400-Broadway-New-York-NY-10018%5C%2F1008140019-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1400-Broadway-New-York-NY-10018%5C%2F1008140019-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">1400 Broadway</a> and Anthony Malkin

1400 Broadway and Anthony Malkin

An advertising agency has signed a major new lease in Anthony Malkin’s 1400 Broadway in the Garment District, helping to position the area as a happening hub for the creative class, the Wall Street Journal reported.

Interpublic Group of Cos., one of the advertising industry’s “big four,” inked a 86,000-square-foot deal on the lower floors of the building, and will move from its current offices on 23rd Street in the Flatiron District and in Soho on Sixth Avenue. A team headed by Jones Lang LaSalle’s Scott Panzer represented Interpublic. 

Malkin, who is one of the neighborhood’s largest landlords, has invested upwards of $100 per square foot in transforming the Garment District building into one that is attractive to big-ticket corporate tenants such as technology firm Verifone and the offices of department store Kohl’s. Malkin’s efforts represent a trend where the area’s landlords are rebranding the neighborhood, though this has met with resistance from the garment industry.

Indeed, these landlords have had a fair amount of success, with over 100 digital agencies and tech startups now based in the area, according to information the Journal received from the Business Improvement District. A big draw for these companies is the $41 per square foot average rent in the area, which compares favorably with the over $60 per square foot that tech tenants would pay in nearby Midtown South. [WSJ]  —Hiten Samtani

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