Dentsu McGarry Bowen Leases More Space at Starrett-Lehigh
RXR Realty (“RXR”), a leading real estate operating and investment company in the New York Tri-State area, has signed Dentsu McGarry Bowen LLC to a new lease that will expand the advertising firm’s space in RXR’s Starrett-Lehigh Building, located at 601 West 26th Street.
Dentsu McGarry Bowen will add approximately 47,000 square feet to the 110,000 square feet it currently leases in the iconic Starrett-Lehigh Building, one of Manhattan’s ten largest office buildings. Built in 1932 and renovated in 2001, the 19-story, 2.3-million-square-foot building occupies the entire square block bounded by West 26th and West 27th Streets between 11th and 12th Avenues.
RXR purchased the Starrett-Lehigh property in August 2011 and is in the midst of a $50 million renovation of the building, to further position it as one of Manhattan’s leading properties serving New York’s fast-growing “creative class” workforce.
To accommodate Dentsu McGarry Bowen’s needs, RXR worked with the Harry Fox Agency, which was subleasing the 47,000-square-feet from Tommy Hilfiger USA. HFA and Tommy Hilfiger were released from their leases and the space was then leased to Dentsu McGarry Bowen on a direct basis. Tommy Hilfiger, which was still leasing approximately 230,000 feet of space at Starrett-Lehigh, then took an additional 21,000 square feet, to bring its total to more than 250,000 square feet.
In the transaction, Dentsu McGarry Bowen was represented by David Hollander and Sacha Zarba of CB Richard Ellis; HFA was represented by Greg Taubin of Studley; and Tommy Hilfiger was represented by Matthew Astrachan of Jones Lang LaSalle.
“When we purchased Starrett-Lehigh, we knew there would be opportunities to expand our existing tenant base,” said William Elder, Executive Vice President and Managing Director of RXR’s New York City Division. “But we also knew the property had high occupancy levels. We were able to make this work thanks to the incredible efforts and cooperative nature of the
brokers and tenants involved. We look forward to continuing our creative pursuit for other opportunities just like this one.”
About RXR Realty
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing.
RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. The Company is one of the largest owners, managers, and developers in the New York Tri-State area with interests in approximately $4.5 billion of assets, comprised of 105 operating properties containing approximately 17.1 million square feet.