Studley Negotiates 113,947 Square Foot, Turn-Key Transaction At One Penn Plaza
NEW YORK, Feb. 12, 2014 /PRNewswire/ -- 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." Just after the first of the year, Direct Brands, Inc., relocated their operations to almost 30,000 square feet at 2 Park Avenue, in another deal negotiated by Ruderman along with Studley's Assistant Directors, Gabriel Marans and Peter Cipriano.
The pristine, move-in ready, fully furnished space at One Penn Plaza comprised the entire fifth floor, and a portion of the fourth, and offers direct access to Penn Station. The duplex opportunity was considered the most desirable work space of its size on the market. Studley negotiated a balance of all financial components to create equally favorable terms for all three parties. The mid-term sublease opportunity had to compete with the long-term direct opportunities large scale tenant's look for, which come with the typical concession package of free rent and large cash allowances for tenant improvements.
Studley is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. With over 60 offices worldwide, Studley offers expert advisory services, including brokerage, project management, corporate services and strategic portfolio solutions. Studley's unique approach examines every client's business to fully understand corporate objectives and optimize real estate assets. For more information, please visit www.studley.com and follow us on Twitter @StudleyInc and LinkedIn.