Japanese Firm Eyes NYC Sublease in Sign of Mounting Office Woes
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A Japanese advertising firm is considering unloading what was supposed to be a new office in Manhattan, the latest signal that New York’s market is facing pressure as companies cut costs and re-evaluate their real estate.
Dentsu Group Inc. is exploring plans to sublease space in Chelsea, where Tishman Speyer is renovating a former U.S. Postal Service facility that was set to be the advertising firm’s main U.S. office, according to people with knowledge of the matter.