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Office Market

Private equity fund subleases 47,000 sf from Meredith Corp. on 3rd Ave

A private equity fund has subleased 47,600 s/f from Meredith Corporation at the media and publishing conglomerate’s former Third Avenue headquarters.

Gen II Fund Services LLC has taken over the entire 24th and 25th floors at 805 Third Avenue on an eight-year sublease.

Des Moines, Iow-based Meredith is in the process of subleasing the seven floors it occupied at the nearly 600,000 s/f office tower as it relocates to 225 Liberty Street, where it will consolidate its New York staff with its recently-acquired Time Inc. workforce.

Frank Doyle, Randy Abend and Betsy Buckley of Jones Lang LaSalle represented Meredith on the deal while CBRE’s William Iacovelli represented Gen II.

“Gen II Fund Services was attracted by the plug-and-play nature of Meredith’s already built-out, high-end space, as well as the office tower’s expansive views,” Doyle, vice chairman of JLL’s New York office, said.

Meredith, which owns 15 television stations and dozens of magazine titles nationwide, acquired Time Inc.–along with publications such as Fortune, Sports Illustrated, People and, of course, TIME–in January.

In February, Meredith tapped JLL to handle the subleasing effort for the 190,000 s/f it controls at 805 Third Avenue, spanning floors 22 through 29. Cohen Brothers Realty Corp. owns the 31-story building, which is situated between 49th and 50th Streets.

So far, JLL has unloaded 145,600 s/f at Midtown East tower, including 98,000 s/f to Kroll Bond Rating Agency between the 26th and 29th floors. The remaining space is on 22nd and 23rd floors.

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