U.K.-based ad agency M&C Saatchi Group closed on a deal that will result in a 40% reduction of its office footprint in New York City: The company signed a 10-year agreement for 13,000 square feet at 16 W. 22nd St., where it will occupy the entire ninth floor of the GFP Real Estate-owned building. Asking rent was $46 per square foot.
Barbara Yagoda represented the landlord in-house, while a Colliers team of Michael Thomas and Aidan Campbell conducted negotiations on behalf of the tenant.
M&C Saatchi Group is currently located at 88 Pine St. near South Street Seaport, where it occupies approximately 22,000 square feet of office space. The agency is expected to relocate its operations to its new premises in January 2024.
Other recent deals at 16 W. 22nd St. include Psychology Today publisher Sussex Publishers’ six-year lease agreement at the 165,000-square-foot building.
To date, the property’s tenant roster features the likes of post-production company Heard City, non-profit Teak Fellowship and design firm Architecture Plus Information. The ground floor is occupied by Michelin-starred Korean steakhouse Cote.
Designed by architect William Harvey Birkmire in 1910, 16 W. 22nd St. is a 12-story, neo-Renaissance property in Manhattan’s Flatiron District. The property provides access to several subway lines, along with shopping, dining and recreational options due to its proximity to Madison Square Park.
M&C Saatchi Group was formed in 1995. Boasting some 2,400 employees worldwide, the agency provides brand strategy, sponsorship and talent management solutions in 23 countries.
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