US media company Observer Media, which includes publications such as the Commercial Observer and the Observer, is relocating its New York headquarters to Midtown Manhattan. The firm has signed a sublease for office space at 1330 Avenue of the Americas. The move is scheduled for this coming December.
The new office space covers 16,400 square feet and spans the entire third floor of the 40-storey office tower. The property is situated between West 53rd Street and West 54th Street, directly opposite the Midtown Hilton Hotel. The office building is owned by a joint venture comprising Creed Equities, Hakimian Capital, CH Capital Group, and Nassimi Realty.
Sublease with design group MillerKnoll
Observer Media is taking over the office floor as a subtenant from furnishings and design company MillerKnoll. The agreement has a fixed term running until February 2031. MillerKnoll is consolidating its New York City operations, bringing them together at its existing premises at 251 Park Avenue South.
According to property services firm CBRE, the asking rent for the sublease was in the region of 60 US dollars per square foot. By comparison, regular asking rents across the rest of the building range between 80 and 120 US dollars per square foot. Observer Media was represented in the deal by Arkady Smolyansky and Jacob Rosenthal of CBRE, whilst Justin Royce, Harrison Dubin, and Amy Sola of Cushman & Wakefield advised the sublandlord, MillerKnoll.
Relocation from the Financial District
The media company was previously based at 1 Whitehall Street in Lower Manhattan's Financial District. This relocation is linked to plans by MetroLoft Management to convert the office building there into residential rental apartments.
- —Property: 1330 Avenue of the Americas, Midtown Manhattan
- —Space: 16,400 square feet (entire 3rd floor)
- —Agreement type: Sublease from MillerKnoll until February 2031
- —Rent level: Sublease at around $60 per square foot compared to regular rates of $80 to $120 in the building
