Ad Giant Havas and Ford Dealer Bay Ridge Sign New Leases
- Apr 06, 2012
One of Hudson Square’s biggest office leases of the year was finalized last week between French advertising giant Havas and Trinity Real Estate, the real estate arm of Trinity Church. According to The Wall Street Journal, after searching in more than 35 different New York City buildings, Havas eventually leased 225,000 square feet on the 2nd through 8th floors at 200 Hudson Street, around 31,000 square feet on the 9th floor at 205 Hudson Street and 4,000 square feet of storage space at 1 Hudson Square.
As the Journal reports, the new Havas offices were leased for 15 years and will be open-plan, a trend that seems to be very popular among larger companies. The newly leased space totaling 260,000 square feet add to the advertising company’s existing offices at 350 Hudson Street, 195 Broadway and the Flatiron Building at 110 Fifth Avenue, which together will create an urban corporate campus. Havas has long looked for ways to bring its 1,200 New York employees into one location.
David Falk and Jason Greenstein of Newmark Knight Frank represented the ad giant in the negotiations, while Trinity Real Estate was represented by Mr. Pizer, Marc Packman, Robert Constable and Andrew Peretz of Cushman & Wakefield Inc.
Adding to last week’s major transactions is the 33,000-square-foot space that was taken by Bay Ridge Automotive Corp. at one of the city’s largest industrial complexes, located at 140 58th Street. As reported by Crain’s New York Business, Bay Ridge’s 42-year lease at the Brooklyn Army Terminal (a long vacant property that was used as a laundry building for soldiers’ uniforms during World War II) also includes 55,000 square feet of yard space.
Bay Ridge plans to invest $3 million in renovating the space to open a service facility employing 25 to 30 people. The annual starting rent will be around $280,000, but this amount is subject to increments if the Ford dealer’s annual revenue increases.
Photo courtesy of Wikimedia, author Timothy Vogel