New media firm NewsCred has signed a full floor lease at William Macklowe Company’s 386 Park Avenue South.
NewsCred, a digital company that powers content marketing and news syndication, has signed a long-term lease for the entire 13,121 s/f pre-built 6th floor at the 260,000-square-foot Class A property, located at the northwest corner of 27th Street and Park Avenue South. NewsCred expects to relocate from its current offices at 27 West 24th Street in the second quarter of 2014.
The NewsCred deal marks the fifth full-floor transaction completed in the last seven months at the 20-story building, bringing the total square footage of office leases to-date to approximately 70,000 square feet. The transaction was finalized just as a new state-of-the-art lobby and expanded entranceway — all part of the building’s nearly completed capital improvement program — was unveiled.
“Given the strength of Manhattan’s Silicon Alley, our high-end pre-builts have been extremely appealing to new media and creative and technology-focused users that want to be in close proximity to their peers in this dynamic submarket,” Macklowe stated.
Elie Reiss of Skylight Leasing represented NewsCred in the long-term leasing transaction while the building’s leasing agents, Paul Amrich, Neil King, Ross Zimbalist and David Young of CBRE, represented the building’s owners, a partnership of William Macklowe Company and Principal Real Estate Investors, LLC. Asking rents at 386 Park Avenue South are in the $55 to $72 range
As part of its ambitious redevelopment and renovation project, 386 Park Avenue South will also boast brand new elevator cabs and LEED certification. The building is already home to such tenants as Profero, Twitter and Impact Republic.
Founded in 2008 by CEO Shafqat Islam, NewsCred has partnered with more than 2,500 publishers in the media industry, including the New York Times, the Economist, the Guardian, Getty Images and more.