NBCUniversal spinoff Versant is changing into conversant with Manhattan’s workplace market.
The media firm, led by Mark Lazerus, signed an 85,000-square-foot enlargement at Columbia Property Belief’s 229 West forty third Road in Midtown, the Business Observer reported. That’s on high of 165,000 sq. toes taken on the property a 12 months earlier, bringing its footprint on the constructing to 250,000 sq. toes.
After occupying the eighth by means of tenth flooring of the property, Versant is including flooring 11, 12 and 14 to its footprint. The asking rents for the six-floor unfold vary from $70 to $85 per sq. foot and the deal is for 18 years.
Versant’s area will embrace an out of doors terrace and custom-built studios to be utilized by the corporate’s media manufacturers, a portfolio that features MS Now, USA Community, Golf Channel, E!, SYFY and Oxygen.
A CBRE workforce together with Timothy Dempsey, J. Paul Stimpfle and Marlee Teplitzky represented Versant. Ted Koltis and Maria Blake represented Columbia in-house.
The property is a bona fide media hub. When Versant moved in, it was leasing the area beforehand occupied by Buzzfeed earlier than that firm relocated. The New York Occasions was additionally as soon as the central tenant there earlier than bailing out in 2007.
At this time, tenants embrace social media large Snapchat. The 1913-built property is 96 % leased.
Columbia has owned the workplace portion of the property since 2015, when it bought that a part of the constructing from Blackstone for $516 million.
The retail area was previously owned by Charles Kushner, who bought it a bit greater than a decade in the past for $295 million, solely to lose the property to foreclosures in 2024. Final 12 months, an investor paid a mere $28 million for the six-story retail portion beneath the workplace area
The Manhattan workplace market had a strong first quarter with 11.8 million square feet leased, marking the strongest first quarter since 2014, in accordance with Colliers. The supply price tightened to 13.7 %.
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