WPP's Young & Rubicam Group is relocating Y&R, Wunderman, and their network companies to 340,000 square feet at SL Green Realty Corp. (NYSE: SLG
) and The Moinian Group's iconic 3 Columbus Circle office tower.
Under the agreement, the anchor is acquiring a 214,372-square-foot condominimum interest covering floors 3 - 8, and is entering into a 20-year lease for an additional 124,760 square feet on floors 9 - 10 and 18 - 19.
The 26-story, 768,565-square-foot, 5-Star office tower is located at 1775 Broadway in New York City, between 57th and 58th Streets at Eighth Ave. in Manhattan's Columbus Circle submarket. It was built in 1904 with recent renovations and redevelopment to include high visibility glass facade, state-of-the-art infrastructure with tenant-controlled HVAC, and a new lobby and elevator cabs. The building is expected to achieve LEED Silver certification.
Young & Rubicam Group is a global network of companies across the marketing spectrum including communications, advertising, public relations, brand identity, healthcare communications, and direct, database, digital and interactive marketing. With more than 12,000 employees worldwide, the firm is a wholly-owned subsidiary of WPP Plc (NYSE: WPPGY
), the world's largest communications services group.
Marc Holliday, CEO of SL Green commented, "After undergoing a full scale redevelopment, 3 Columbus Circle is now a premier Manhattan corporate address featuring great retail, access to transportation, and prime office space with Central Park Views. We’re delighted to welcome the Young & Rubicam Group[...] ."
Mary Ann Tighe, Gregory Tosko, Christopher Mansfield and Lauren Crowley with CBRE represented the tenant. James Kuhn, Scott Klau, Brian Waterman, Erik Harris and Lance Korman with Newmark Knight Frank represented building ownership in the deal.