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Local advertising service takes 26,000 SF at 747,852-SF office building; iconic property previously occupied by The New York Times
NEW YORK, January 29, 2013 — Jones Lang LaSalle has completed a new, direct lease totaling 26,000 square feet for Felix/CityGrid Media, a division of IAC/InterActiveCorp, with Equity Office Properties at 229 West 43rd Street. The performance-based local advertising service signed a five-year lease for 26,000 square feet of commercial office space at the Class A, 747,852-square-foot office building.
The tenant, Felix/CityGrid Media, was represented by Steven Rotter, managing director; Scott Panzer, vice chairman; and Ryan Masiello, vice president, all with JLL. The team worked closely with Christian Bryan, global head of real estate, with IAC/InterActiveCorp. The building owner, Equity Office Properties, was represented by Brian Waterman, vice chairman; Lance Korman, executive managing director; and Jonathan Tootell and Brent Ozarowski, directors, all with Newmark Grubb Knight Frank.
“Felix/CityGrid Media had outgrown its existing offices and was looking to expand by moving to space in Midtown South,” said Rotter. “Equity Office Properties was so cooperative and initial negotiations went so smoothly that the tenant chose instead to relocate to 229 West 43rd Street. Felix/CityGrid Media wound up leasing the suite the building owner had created to market the property.”
“This was also the first lease completed at the newly renovated building, which was previously occupied by The New York Times,” said Masiello. “IAC appreciated the potential to expand other divisions of the firm within this iconic property.”
Felix/CityGrid Media will occupy a portion of the sixth floor at 229 West 43rd Street, which is located between Seventh and Eighth avenues, just one block from Port Authority Bus Terminal. The performance-based local advertising service firm is relocating to the building from its previous offices at Chelsea Market. The tenant’s new space included a full kitchen, top-of-the-line furniture and a 5,000-square-foot, fully furnished useable terrace overlooking Times Square.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2011, the New York tri-state team completed approximately 15.9 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, and oversaw a property and facilities management portfolio of 63.6 million square feet and an agency leasing portfolio of 49.8 million square feet.
About Jones Lang LaSalleJones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
George Shea, Mark Faris - Shea Communications