Printer Friendly

Studley inks real deal with disposition, reloc.

In a sublease transaction that will allow 24/7 Real Media's headquarters to remain and continue to grow in the Penn Plaza area, Studley has simultaneously arranged for the disposition of its offices at 1250 Broadway and relocation to new space in 132 West 31st Street.

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.
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jan 26, 2005
Words:335
Previous Article:Lead safe practices.
Next Article:Investment members conferred by CBC.
Topics:


Related Articles
Studley completes Westchester lease with Pepsi bottling group.
CoStar signs agreement with Julien J. Studley. (Technology Update).
New REBNY directors look forward to roles.
Studley brokers 212,000 s/f deal.
Studley's brokers help AAA achieve its space needs.
Studley moves mountains to secure midtown deal.
Studley directs film company through lease expansion.
Printing company makes a $2.6m move in Clifton.
The great deals of the 20th century.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters