Bisnow Exclusive: PubMatic Leases in Former New York Times HQ
The tech firm’s 19k SF lease in 229 W 43rd St is one more bullet point of proof that NYC's largest office submarket isn't your father's Midtown.
NGKF’s Brian Waterman and Brent Ozarowski tell us PubMatic is relocating from 20k SF in the Candler Building to prebuilt space in 229 W 43rd, where Equity Office (a division of Blackstone) has done a gut renovation of the top 11 floors of the 16-floor property. Brian, Brent, and colleagues Lance Korman and Jonathan Tootell started marketing the vacant 450k SF office condo block in early 2012, including a substantial amount of creative prebuilt space.
Here's a photo similar to what PubMatic's space will look like. Transwestern's Lindsay Ornstein, Kyle Williams, and Aaron Kaufman repped the tenant in the seven-year lease. When NGKF started marketing, Brent says, attracting creative office users to Midtown wasn’t such a sure thing. But the building has big windows, giant floorplates, and super-tall ceilings. After a few tech tenants started things off in early '13, Yahoo signed on in May of that year, and TAMI tenants like Collective NYC and AlphaSights have followed. Now, Brent says, the property is over 80% leased. Four prebuilts remain on the lower, 57k SF floors, and the 16k SF 15th and 9,000 SF 16th floor are available raw, ideal for either TAMI or the staple professional services firms.