The first major tenant is set to leave 111 Eighth Avenue in Manhattan, now that Google has announced plans to consolidate all of its New York offices in the massive building which it acquired in 2010.
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Donny Deutsch’s advertising firm has just announced that it will be moving its operations to midtown Manhattan, according to The New York Post.
Deutch Incorporated, named for the 56 year old ad wiz and CNBC talk show host, is on its way to Vornado’s 330 West 34th Street located in Penn Plaza right by Penn Station and Madison Square Garden.
The move comes after Deutsch had resisted efforts by Google to get it to relocate and had reportedly picked up an option to renew its current lease for 134, 830 square feet on the 14th and 15th floors of the building through 2018.
Built in 1926 and located between 8th and 9th Avenues near the new Hudson Yards development, 330 West 34th has 735, 000 square feet of total floor space over 18 stories. Its floor ceilings range from 11 to 12 feet in height.
A building wide renovation was completed earlier this year and it now offers tenants a brand new upscale lobby, a lounge area, a ground floor amenity and communal lab with Wi-Fi cafe and “think tank, ” new state of the art mechanical systems and new first class restrooms.
Deutsch has contracted to lease all of the 13th and 14th floors there for a total of 74, 346 square feet. That leaves another 300, 000 square feet available for rent in the building in which, as a Vornado CEO Steve Roth told the New York Post, average rents are only going for $55 per square foot where the owners feel they should be getting as much as $85.
Vornado hopes that Deutsch Inc. will prove to be a marquee tenant that will help it increase the attractiveness and the rents of 330 West 34th.