Havas Well being is including a wholesome dose of workplace area.
The worldwide communications agency inked a 254,000-square-foot extension and growth at 200 Madison Avenue, the Midtown South tower owned by George Consolation & Sons, Loeb Companions Realty and Jamestown. The deal features a 65,000-square-foot growth throughout and a 15-year extension of its present 189,00-square foot area. Havas will occupy 5 flooring of the 26-story tower, based on a press release from the owner.
George Consolation & Sons’ Peter Duncan and Alexander Bermingham represented the owner in-house. Newmark’s David Falk and Jason Greenstein represented Havas within the lease, which was first reported by Commercial Observer. Asking rents within the constructing are $70 to $75 per sq. foot.
The owner not too long ago accomplished an expansive renovation of the tower’s Madison Avenue entrance and foyer. Additionally it is constructing an 11,000-square-foot indoor-outdoor amenity heart on the tower’s tenth ground.
Inbuilt 1926, the 750,000-square-foot Midtown South tower is just a few blocks from Grand Central Terminal and Penn Station. Havas has been a tenant within the constructing for nearly three a long time. Different workplace tenants embody structure agency Spectorgroup and legislation agency BraunHagey & Borden. Health model TMPL and furnishings retailer Roche Bobois occupy ground-floor retail area.
The growth comes as Midtown South’s workplace market continues to tighten. Leasing quantity reached 5.05 million sq. toes within the second quarter, the submarket’s strongest quarterly whole for the reason that finish of 2001, based on Colliers. Availability shrank to 12.7 p.c, down from 13.4 p.c within the first quarter, marking the eighth consecutive quarter wherein availability both tightened or held regular.
The tightening continued into July, when Midtown South accounted for almost half of Manhattan’s leasing exercise with 1.90 million sq. toes of offers and availability within the tech-heavy submarket fell additional to 12.2 p.c.
Midtown South’s common asking lease slipped 1.1 p.c within the second quarter to $79.41 per sq. foot, however was nonetheless up 2.4 p.c year-over-year.
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