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Publishers expand at Flatiron Building.

Two publishing concerns that once occupied a mere 6,000 square feet of space in the early 1960% have executed lease agreements that could lead to their occupancy of the entire Flatiron Building at 175 Fifth Avenue.

St. Martin's Press, Inc. -- one of the nation's largest publishers, and a wholly-owned subsidiary of the London-based MacMillian Publishers, Ltd. (owned by the trust of former British Prime Minister, Harold MacMillian)-has agreed to lease more than 75,000 square feet of space, occupying 10 floors of the 21-story building, with an option to lease additional space. The new lease represents an approximate 40 percent immediate increase in space for the firm.

Springer-Verlag - the United States subsidiary of one of Germany's oldest publishers (Est. Berlin, 1843), specializing in scientific, technical and medical publications -- has agreed to lease 40,000 square feet of space, representing 6 floors of the building, with an option to occupy an additional 14,000 square feet. This option gives Springer-Verlag the flexibility to regroup in New York various functions that are currently located out-of-state.

Both of these firms were represented by Williams Real Estate Company, Inc., which was responsible for 'recasting' the tenants current agreements with the property owners, thereby ensuring tenancy by these firms well into the future.

St. Martin's was represented in this transaction by Williams' Vice Chairman Robert Freedman and Managing Director Leon Manoff, while Springer-Verlag was represented by Freedman and Managing Director Alexander P. Jinishian.

The two firms leased a total of 6,000 square feet in the building during the 1960's, and have since grown to the point where they may entirely occupy one of New York City's most famous architectural treasures. Owned by the same ownership entity -- whose managing partner is Jules Olsheim -- since 949, the Flatiron Building stands at the convergence of Broadway, Fifth Avenue and 23rd Street.
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Title Annotation:St. Martin's Press Inc. and Springer-Verlag GmbH and Company KG lease commercial space at 175 Fifth Avenue, New York, New York
Publication:Real Estate Weekly
Date:Jun 23, 1993
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