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Digital media firm subleases entire 19th floor for six years at 880,000 SF, Class A office building
NEW YORK, March 13, 2013 — Jones Lang LaSalle has completed a sublease, totaling 29,416 square feet, for Alloy Digital LLC with Liquidnet Holdings Inc. at 498 Seventh Avenue. The digital media firm signed a six-year lease at the 880,000-square-foot, Class A commercial office building.
The subtenant, Alloy Digital, was represented by Alexander Chudnoff, executive managing director; and Dan Turkewitz, senior vice president, both with JLL. The sublandlord, Liquidnet Holdings, was represented by Howard Fiddle, vice chairman, and Joe Mangiacotti, first vice president, with CBRE Inc. The building is owned by George Comfort & Sons Inc.
“We were able to find an ideal location for the digital media firm at 498 Seventh Avenue in the heart of Times Square South,” said Chudnoff. “Alloy Digital is one the many tech firms that have relocated to the submarket from Chelsea Market, and other areas of the city. Although its new offices are roughly the same size as its previous location in terms of square footage, the digital media firm will be able to take great advantage of the greater efficiencies provided by 498 Seventh Avenue and consolidate its staff onto a single floor. As part of our negotiations for Alloy Digital, Liquidnet, the sublandlord, agreed to redevelop the space to the needs of the digital media firm and manage the construction process. We also obtained additional services that include 24/7 air conditioning and supplemental systems.”
Alloy Digital will occupy the entire 19th floor at 498 Seventh Avenue, which is located between West 36th and West 37th streets. The digital media firm is relocating to the Times Square District office building from its previous offices at 151 West 26th Street in West Chelsea.
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 Alloy Digital Under one roof, Alloy Digital boasts the critical assets for a multi-platform, next generation media company targeting the highly-coveted, early-adopter 12-34 year-old demographic--Generate's cost-effective development, production and talent management, premium original programming from creators such as Smosh and Clevver, distribution across Alloy Digital's top-ranked network of media platforms and monetization through sponsorship, ad sales, social media and promotion. Alloy Digital's proprietary digital media network has ranked top in its category for more than three consecutive years, according to comScore, and attracts more than 90MM consumers each month with reach to over 57% of P12-34 internet users. Alloy Digital holds its position as offering a top-10 video network which delivers several hundred million monthly streams and includes award-winning Smosh, the #1 YouTube channel, as well as Shut Up! Cartoons, one of the fastest-growing YouTube premium channels. The network has attracted over 30MM followers combined across its dedicated social media profiles. Alloy Digital delivers digital campaigns for FORTUNE 500 advertisers and has received multiple industry accolades, including the prestigious ADVERTISING AGE Media Vanguard, an OMMA Award and a DIGIDAY Video Award.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
George Shea, Mark Faris - Shea Communications