A Fresh Take on CRE

Weekly Comp Digest: Omnicon, BGB Communications, MoPub




Omnicom Expands at 195 Broadway Again

The advertising firm moved to 195 Broadway in 2007, signing a 172,554 SF lease with starting rent in the mid $40s. Last year Omnicom leased another 39,347 SF for just over $40 PSF. Now the company is expanding again, adding 26,414 SF to the space with rent only slightly higher than last year's expansion. Another notable tenant in the building is HarperCollins, who relocated from 10 East 53rd several months ago. (HarperCollins' rent is in the low $40's as well.)







Get the Omnicom 2013 expansion Comp Get the Omnicom 2012 expansion comp Get the Omnicom 2007 comp
















BGB Communications Relocates to SoHo and Doubles Space

BGB is moving from a 12,000 SF office at 99 Hudson to a 25,000 SF office at 462 Broadway. The rent for the smaller Tribeca space was in the mid $40s, and the new SoHo deal will cost north of $55 PSF for the 10 year term. Both rents are in line with recent averages in their respective submarkets: the average 12-months starting rent is around $53 PSF in SoHo and slightly over $40 PSF in Tribeca.







Get the BGB 99 Hudson comp Get the BGB Broadway comp





Starting Rent Increases 40% in 18 Months

MoPub recently leased the entire 12th floor of 386 Park Avenue South for starting rent just below $60 PSF. The rent is 40% higher than the average for the building 18 months ago, when three different tenants signed leases in the lower $40s. Half of the current rent hike is explained by the rising rents in Midtown South, and the rest can be attributed to new building improvements by the new landlord, William Macklowe Company.







Get the MoPub comp