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Newmark buys and leases for advertising agency.

Two separate real estate transactions -- a $25 million office lease in New York City and a $ 2.5 million property acquisition in suburban Chicago -- have seen successfully consummated by Arthur H. Lerner, vice chairman and principal of Newmark Real Estate Services, on behalf of Telephone Marketing Programs, Inc., one of the country's largest advertising agencies.

In the larger transaction, Lerner renegotiated his client's current lease for 44,000 square feet comprising the entire 33rd floor at 1633 Broadway, which expired in 1994 and replaced it with a new long-term lease commitment.

Telephone Marketing Programs, which specializes only in yellow pages advertising, was ranked among the top 25 agencies in the country last year by Advertising Age, the highly respected industry trade journal. It is currenlty celebrating the 25th anniversay of its founding.

In a separate transaction, Lerner also negotiated the purchase of a 30,000 square foot office building in Deerfield, Illinois, for the company. The sale took six months to complete.
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Title Annotation:Newmark Real Estate Services, Telephone Marketing Programs Inc.
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 22, 1992
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