The marketing and communications company, a unit of Dublin- based WPP Plc (WPP), is buying a 214,372-square-foot (19,916-square- meter) condominium interest and agreed to a 20-year lease for an additional 124,760 square feet, New York-based SL Green said in a statement. Terms weren’t disclosed.
The 26-story tower at 1775 Broadway covers the block between Broadway and Eighth Avenue at the southwest entrance to Central Park. Improvements being made to the property include a new lobby and elevator cabs, according to the statement.
SL Green, New York’s biggest office landlord, bought a stake in the building in January, forming a joint venture with owner Joseph Moinian that protected him from a takeover bid by Stephen Ross’s Related Cos., which controlled the building’s mortgage. A settlement that month with Related allowed Moinian to remain a partner in the redevelopment of the tower, which was slowed by the 2008 credit crisis.
The condominium portion covers the third through eighth floors and the lease is for floors nine, 10, 18 and 19, according to the statement.
To contact the reporter on this story: Brian Louis in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Kara Wetzel at email@example.com