Wellcom Worldwide signs 24,000 square foot lease at 16 Madison Square West – Commercial Observer
A global production agency has signed a contract to return to Manhattan after a brief stay in Brooklyn as its current home is to be converted from office space to residential space.
Wellcom Worldwide signed a 10-year lease for 24,005 square meters at Adams & Company‘S 16 Madison Square West As the Commercial Observer has learned, these are properties in the financial district.
The asking rent was $59 per square meter, according to the rental agent Current real estate consultants.
The company that acquired from Innocean Worldwide ranked 2019 at 175 Perlenstrasse in Brooklyn’s Dumbo district for five years and before that at Chelsea’s Terminal warehouse before it renovated.
The exact square footage Wellcom occupied at 175 Pearl was not disclosed, but Wellcom’s downsizing in its move to 16 Madison Square West, according to Current’s Adam Henickwho represented the tenant.
Wellcom’s move to Flatiron was made possible by the Acquisition of 175 Pearl of Watermark Capital Group for 66.5 million dollars from Cannon Hill Capital Partnerwith plans to convert the 1918-built office building into a 238-unit apartment building, CO previously reported.
Henick told CO that the Flatiron area was attractive to Wellcom when it learned of the office-to-residential conversion at 175 Pearl, due to the neighborhood’s recent high office leasing velocity and proximity to Madison Square Park.
“This office-to-residential conversion gave us the opportunity to start fresh with a brand new lease in Manhattan,” said Henick. “Manhattan is more centrally located and this prime location made it a no-brainer for Wellcom to seize the opportunity.”
Henick added that in addition to the momentum in office leasing at Flatiron, the neighborhood has also seen increased retail activity recently, and noted that a new restaurant will soon be moving into space nearby as well. 6 West 25th Street previously occupied from Jay-Z40-40 club.
Wellcom – the parent company of the digital agency theLaboratory and post-production company Dipping sauce – according to its subsidiary, also has US offices in Los Angeles and Orlando as well as eight international locations. websiteThe company does not have a traditional headquarters due to its ownership structure with Innocean, which is owned by South Korea-based Hyundai.
“Wellcom’s decision to expand its footprint and make 16 Madison Square West its New York City workspace is more than just a lease. It is a statement about the vitality and long-term promise of Manhattan’s Flatiron District,” said Adams & Co. Jeff Buslikwho handled the deal internally for the landlord, said in a statement. “This deal is a prime example of the neighborhood’s resurgence, where the energy is palpable, from the bustling streets filled with restaurants to the thriving businesses choosing to invest here long-term.”
The 12-story building 16 Madison Square West with the alternative address 1115 BroadwayThe property was built in 1914. Other tenants include Workspace Poppin and advertising company TabooLa.
“The return to Manhattan is an important milestone for Wellcom,” David Bridgesthe company’s global CEO, said in a statement. “Many of our customers are based in the neighborhood and we are excited to welcome them to our new space.”
You can reach Andrew Coen at [email protected].
