Studley completes 39,000-SF sublease.

National commercial real estate services firm Julien J. Studley Inc. has completed a 39,000-SF sublease at 1345 Avenue of the Americas for sublessor MedPointe Healthcare The pharmaceutical firm subleased the entire 42nd floor of the building to Hearst Communications Inc.

Corporate managing director L. Craig Lemle of Studley's Midtown New York office represented MedPointe in the transaction. Cushman and Wakefield Inc. represented Hearst. Hearst subleased two floors at 1345 Avenue of the Americas -- the 42nd floor from MedPointe and the 10th floor from Fisher Brothers -- while it completes the development of a 36-story addition to its headquarters at 959 Eighth Ave., the Hearst Magazine Building. Hearst will relocate its headquarters staff to the new location in the first quarter of 2003.

"The location of the building and the timing of the lease represented an ideal opportunity for both MedPointe and Hearst," said Lemle. MedPointe had recently vacated the 42nd floor, moving its staff to New Jersey, while Hearst needed 80,000 SF immediately so it could commence construction of its new building. Fisher Brothers, the landlord of 1345 Avenue of the Americas, was eager to consent to the transaction, as it took two floors off the market in a building that had seven floors available for sublease.

MedPointe was formed in October 2001 following the purchase of Carter-Wallace Inc by a group of Carter-Wallace executives and several financial institutions.