NEW YORK CITY—Book publishing giant Macmillan Publishers has decided to move from one landmark building to another.
Macmillan has signed a 20-year lease deal to occupy 261,000 square feet of space at the 1.9-million-square-foot 120 Broadway office tower. The firm intends to occupy floors 20 through 26 of the 40-story office building in early 2019. Macmillan will be relocating from multiple locations, including space at the landmark Flatiron building at 175 Fifth Ave., to what has been known as the “Equitable Building.” 120 Broadway was the largest office building in the world when it first opened in 1915.
“We are delighted to be moving to 120 Broadway,” states Andrew Weber, COO of Macmillan Publishers. “The move will be great for our people and our planned growth, and the architectural heritage of 120 Broadway means we will be moving from one of New York City’s great iconic buildings to another.”
Silverstein Properties was represented in-house by Roger A. Silverstein, Joseph Artusa and Camille McGratty. Leon Manoff, vice chairman of Colliers International represented Macmillan in the transaction.
“Macmillan is a multi-faceted organization whose various publishing units have unique identities within the company,” Manoff notes. “The size and configuration of 120 Broadway’s floors allow for operational efficiencies, clustering of these units, and personalization of space for individual groups—something absolutely essential for successful collaboration, creativity and author service.”
Macmillan will be joining other tenants that include American Lawyer Media (ALM—parent company of Globest.com), Beyer Blinder Belle, SIFMA, Strategies for Wealth and the Alliance for Downtown New York.
“Macmillan’s new commitment to Lower Manhattan is not only welcome news, it’s yet more evidence that Lower Manhattan is once again the center of the publishing world,” says Jessica Lappin, president of the Alliance for Downtown New York. “In the 19th and early 20th centuries these streets were home to the country’s great publishers and writers. It’s amazing to see history repeat itself.”
Silverstein in its lease announcement cites Alliance for Downtown New York figures showing a continued trend of firms relocating Downtown. Since 2005, 739 firms have moved to Lower Manhattan since 2005, leasing more than 18.1 million square feet. Of those companies, 419 have been in TAMI or professional services fields, accounting for 59% of the space leased.