The publisher of relentlessly cheery Sunday magazine Parade signed a 10-year lease renewal for 89,413 square feet of space at SL Green’s 711 Third Avenue. The publisher occupies the entire sixth floor and parts of the seventh and 15th floors in the 20-story building at 44th street. The asking rent, according to brokerage CB Richard Ellis, which represented Parade on the deal, was $65 a square foot, about average for the area.
Gregory Tosko, Mary Ann Tighe and Ramneek Rikhy of CBRE represented Parade. SL Green handled the renewal in-house.
CB RICHARD ELLIS ARRANGES 89,413-SQUARE-FOOT
PARADE PUBLICATIONS LEASE RENEWAL
New York, NY – June 30, 2008 – CB Richard Ellis announced today that it arranged a 10-year, 89,413-square-foot lease renewal at 711 Third Avenue on behalf of Parade Publications, Inc. The media company occupies the entire sixth floor and the partial seventh and 15th floors. SL Green Realty Corp. is the landlord and the asking rent was $65 psf.
“Parade’s lease was to expire in 2010,” said Gregory Tosko, vice chairman, CBRE, who along with Mary Ann Tighe, chief executive officer of CBRE’s Tri-State Region, and Ramneek Rikhy, senior financial analyst, represent the tenant. “An early renewal allows Parade to plan for their long-term occupancy and to use and invest in their existing infrastructure in a building that suits their needs.” Parade Publications publishes Parade, a news carried by approximately 400 Sunday nationally with a circulation of 32 million.
“We are delighted that Parade Publications, one of the building’s largest tenants, has renewed its commitment to 711 Third Avenue for the long term,” said Steven Durels, SL Green’s director of leasing and real property.
Constructed in 1955, the 20-story 711 Third Ave. is located between 44th and 45th Streets, one block east of Grand Central Terminal. The building’s lobby contains a well known mosaic designed in 1956 by painter Hans Hofmann.