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A London-based ad agency is reimagining its New York office with a move to the Flatiron District that will shrink its footprint by 40 percent.
M&C Saatchi Group signed a 10-year lease for 13,000 square feet on the entire ninth floor of 16 West 22nd Street, landlord GFP Real Estate said. The agency will relocate from its current 22,000-square-foot space at 88 Pine Street near South Street Seaport and head to its new home in January, according to a source with knowledge of the deal.
Asking rent was $46 per square foot, the source said.
M&C Saatchi will use its new space for “general and executive offices,” GFP said. The source added that the agency’s new home will feature lounge seating and a “client-oriented design.”
A spokesperson for M&C Saatchi did not immediately respond to a request for comment.
The ad agency was formed in 1995 and has since grown to 2,400 employees offering brand strategy, sponsorship and talent management in 23 countries, according to its website.
GFP was represented in-house by Barbara Yagoda, while Colliers (CIGI)’ Michael Thomas and Aidan Campbell arranged the deal for M&C Saatchi. Thomas and Campbell declined to comment.
M&C Saatchi’s deal comes a week after Psychology Today publisher Sussex Publishers signed a lease to relocate to the 12-story West 22nd Street building, Commercial Observer previously reported.
Other tenants in the building include post-production company Heard City, nonprofit Teak Fellowship and design firm Architecture Plus Information. The ground floor of the building is home to Michelin-starred Korean steakhouse Cote.
Abigail Nehring can be reached at anehring@commercialobserver.com.
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