Studley inks real deal with disposition, reloc.
The international interactive marketing and technology firm has subleased 25,300 s/f encompassing the entire ninth floor of the Westside office building also known as Penncom Plaza, from HIP, which has moved its New York City offices downtown. The company plans to occupy its new space in January 2005.
To facilitate the relocation, Studley implemented a parallel process of securing a subtenant for its current space while evaluating relocation alternatives that could satisfy 24/7's overall space requirements.
Studley's Corporate Managing Director Greg B. Taubin brokered both the disposition and relocation transactions on behalf of 24/7 Real Media, a firm which Studley has represented since the mid-1990's when it first started in small incubator space. Steve Jaray of GVA Williams handled negotiations of the seven-year sublease on behalf the sub-landlord, HIP.
"This rapidly growing company currently has more than 75 employees in its New York office, but expects to expand to 125 in the next three years," explained Mr. Taubin.
"The goal was to locate built-out, fully furnished space in the Penn Plaza area that could accommodate 24/7's current and future growth requirements, as well limit the capital expenditures required to adapt the firm's new space."
"In addition," Taubin noted, "24/7 received a favorable economic package and felt comfortable with HIP as its sublandlord."
Conveniently located just one block from Penn Station and Madison Square Garden, Penncom Plaza is a modern office tower with a history of prestigious tenants, including Sears and DuPont, among others. Built in 1925, the 146,544-squarefoot office building boasts high ceilings, plentiful windows, direct light, spacious floor plates and expansive views.
A pioneer in interactive marketing and technology, 24/7 Real Media targets and delivers audiences for publishers and marketers.
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|Publication:||Real Estate Weekly|
|Date:||Jan 26, 2005|
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