In the highly coveted marketplace for turn-key office space in Midtown Manhattan, the best deals are the ones that no one knew even happened. In an under the radar screen transaction, global media giant Publicis Groupe will occupy nearly 114,000 square feet within Penn Plaza's flagship property, One Penn Plaza. Publicis Groupe is expected to take occupancy in April 2014.
Executive Vice President and Co-Branch Manager, Ken Ruderman and Senior Managing Director, Brad M. Wolk of global commercial services firm, Studley, stealthily led the deal, which was initially crafted as a sublease between their client, Direct Brands, Inc. and the global media conglomerate. As the deal gained momentum, Owner Vornado Realty Trust helped cement the transaction by ultimately concluding the transaction as a mutually beneficial Assignment of Lease. Asking rents were in the $50's per square foot.
"A transaction of this caliber, with such dynamic complexity, could not have been accomplished without the business savvy and financial acumen of many, so it was a true team effort of many professionals with a common goal," Ruderman said. "The deal was signed within 35 days of our client vacating their space and relocating to their new offices. Given the size of this transaction, it's an outstanding achievement..." Studley Negotiates 113,947 Square Foot, Turn-Key Transaction At One Penn Plaza
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