Edelman PR expanding at Times Square Plaza.

After an intensive year-long search, Edelman Public Relations Worldwide, the world's largest, independent public relations agency, has renewed its lease at Times square Plaza at 1500 Broadway and expanded its New York headquarters to 100,000 square feet of office space.

The firm currently occupies 70,000 square feet of space at the 500,000 square-foot office/retail tower that occupies the entire easterly blockfront of Broadway between 43rd and 44th streets in Manhattan's Times square. Edelman is planning extensive renovations of its existing space with the addition of 30,000 square feet over the next 18 months.

The announcement of the long-term lease, which has an aggregate rental valued at approximately $34.5 million, was made by Orna L. Shulman, executive vice president of Intertech Corporation, a wholly owned subsidiary of Zapco Holdings, Inc., the building's owner.

Tara I. Stacom, Josh N. Kuriloff and Brian Boehmcke of Cushman & Wakefield, 1500 Broadway's exclusive leasing agent, represented the owner. Edelman Worldwide was represented by Steven Strati and Mark Friedman of CB Richard Ellis.

"We couldn't be more pleased with this vote of confidence from Edelman Worldwide," said Shulman, adding that 1500 Broadway maintains a 97 percent occupancy rate and conservatively, has quadrupled in value since Intertech purchased it in 1995. "It's fitting that one of the world's premier public relations agencies maintains its headquarters at one of Manhattan's most sought-after corporate addresses."

"This lease represents a substantial commitment to New York and the renaissance of Times square as America's cultural mecca," said Richard Edelman, CEO of Edelman Worldwide. "Our neighbors are some of the most prestigious names in entertainment, finance and media, including Conde Nast, The New York Times, Viacom, Morgan Stanley, Bertelsmann and Reuters. We have evolved and grown with the area and we are pleased to re-affirm our commitment to New York's crossroads at this critical juncture in its development."

The 33-story Times square Plaza, located in the heart of Times square at 43rd Street, has been home to Edelman since it initially occupied 35,000 square feet in 1989. Since then Edelman has grown into the largest independent public relations firm in the world, with co-global headquarters in Chicago and New York and offices in 37 cities around the world. The New York headquarters accounts for approximately $40 million in billings, with 340 employees serving clients including Pfizer, American Home Products, Roche, Schering Plough, Johnson & Johnson, Fuji Photo Film, New York Life, Bombadier, Harrah's, Ericsson, NCR, IMAX and Microsoft.

Since acquiring the building in 1995, Shulman has spearheaded an aggressive renovation and repositioning of the property. More than 30 new leases, renewals and expansions have been completed, and the Broadway towels annual office rental rate growth has been more than 30 percent over the past two years. The building's prestigious roster of media and entertainment tenants include Essence Magazine, the Screen Actors Guild, and Disney/ABC, which is building offices and a state-of-the-studio in 75,000 square feet of space on the building's first four floors.

Improvements at the tower include new heating and air-conditioning systems; replacement of the elevators' mechanical systems and the refurbishment of cab interiors; upgrading of hallways and common areas; replacement of all the building's lighting fixtures; the installation of a closed circuit television system which monitors areas inside as well as outside the building; and a new messenger center.