Demonstrating another example of tenants taking advantage of prime sublease space, Gannett Co., Inc. has inked a 24,195-sq.-ft. office sublease at 1675 Broadway. This is the second major transaction arranged by CBRE, which serves as the exclusive sublease agent of the 545,000 sq. ft. space. Gannett Co. Inc., an American mass media holding company and the largest U.S. newspaper publisher, plans to relocate its corporate offices from 1633 Broadway to the entire 23rd floor of the 35-story tower.
The CBRE team of Gregg Rothkin, John Maher, Paul Myers, Mike Wellen, Alex Bennisato and Cara Chayet represented the sublandlord in the 10-year deal. The asking rent was in the mid-$60s. Gannett Co. plans to move into the new space on March 2021.
“Despite the challenging office leasing environment due to the global pandemic, opportunities abound for tenants seeking move-in ready space at very attractive overall economics,” said CBRE’s Rothkin. “The Gannett deal speaks to this trend perfectly; the availability at 1675 Broadway is a unique example of high-quality, state of the art, plug and play sublease space with the capacity to accommodate tenants of various sizes and industries.”
Owned by Rudin Management, 1675 Broadway is an 800,000 sq.-ft. Art Deco-style office tower with views of Times Square, Central Park and the Midtown skyline. The building is WiredScore Certified Platinum and includes street-level retail, an on-site parking garage, bike parking, private terraces on select floors and a messenger center. 1675 Broadway offers convenient access to the 1, B, C, D, E, F, N, Q, R and W subway lines and is home to a number of finance and legal tenants, including law firms Davis & Gilbert, Ballard Spahr and Roberts & Holland, and fintech firm Bankrate.
Gannett Co. was represented by Gordon Ogden and Nick Gilman of Byrnam Wood.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.