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Newmark Grubb Knight Frank (NGKF) is pleased to have represented Interpublic Group of Companies (IPG) in the completion of an 11-year, 150,000-square-foot office lease at The Plaza, located at 1840 Century Park East in Century City, California. Capitalizing on the growing attraction of Century City and the insatiable demand for collaborative office environments, Steven D. Kolsky, executive vice president and managing director, and Henry S. Kobrin, executive managing director, represented the tenant, IPG. This move marks the largest commercial office relocation to Century City in more than ten years.
IPG is one of the world’s leading organizations of advertising agencies, public relations and marketing services companies with more than 48,000 employees and offices in over 100 countries. Ten of IPG’s agencies, including approximately 700 employees, will relocate from Pacific Design Center in West Hollywood to The Plaza in Century City. The firms include PMK•BNC, Weber Shandwick, Rogers & Cowan, Jack Morton, Octagon, FRUKT, Advantage International, The Axis Agency, Dailey and Campbell Ewald.
IPG will be the largest tenant in The Plaza towers, occupying eight full floors as well as ground floor space. They will also gain the advantage of exclusive signage rights atop the 1840 Tower. The Plaza comprises two Class A office buildings located at 1800 and 1840 Century Park East.
“The combination of some major relocations and downsizing in the Century City market has created a window of opportunity for large tenants considering the area,” noted Kolsky. “We were successful in perfecting a deal which enabled these agencies to take advantage of this opportunity. While this deal provides IPG with significant economic benefits, the firm will also gain significant visibility from relocating to a higher-quality, tenant-friendly, green office building.”
NGKF had initially worked with IPG in 2004, successfully consolidating seven of its agencies into 145,500 square feet of space at Pacific Design Center - a major success in terms of getting multiple agencies under one roof to promote collaboration and synergy, as well as reduce costs.
“This recent move to Century City mirrors IPG’s success with the 2004 consolidation,” stated Kobrin. “At The Plaza, the company will gain a significant presence for its brands and move into a building that better reflects its global presence. The new location is ideally suited for IPG’s clients and provides an enhanced work environment for employees.”
The Plaza Towers provide the benefits of a LEED® Silver certified property. Building amenities include a street-side WiFi plaza, valet service, as well as dozens of restaurants, services and retail options on-site and in the surrounding area.
About Interpublic
Interpublic (NYSE:IPG) is one of the world’s leading organizations of advertising agencies and marketing services companies. Major global brands include BPN, Craft, FCB (Foote, Cone & Belding), FutureBrand, Golin, Huge, Initiative, Jack Morton Worldwide, MAGNA GLOBAL, McCann, Momentum, MRM//McCann, Mullen Lowe Group, Octagon, R/GA, UM and Weber Shandwick. Other leading brands include Avrett Free Ginsberg, Campbell Ewald, Carmichael Lynch, Deutsch, Hill Holliday, ID Media and The Martin Agency. For more information, please visit www.interpublic.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.