NEW YORK CITY—ALM Media is moving its New York City headquarters to 150 East 42nd St., across the street from Grand Central Terminal. The integrated digital media company signed a long-term lease for approximately 46,000 square feet in the 42-story Midtown East building.
ALM delivers premium content to professionals in the legal, financial services, benefits, consulting, property and casualty insurance, and real estate industries through such publications and online resources as Law.com, The National Law Journal, New York Law Journal, ThinkAdvisor, GlobeSt.com and Real Estate Forum. The company will relocate to the mezzanine floor of the Grand Central submarket property in Q3 2018.
David Werner Real Estate, 601 W. Companies, Harry Skydell and Berkley Properties had purchased the building at 150 E. 42nd St. in Aug. 2014 for $900 million. The post-modern building, completed in 1956, is located between Lexington and Third avenues. With an original design by John B. Peterkin, revised by the architecture firm Harrison & Abramovitz, the structure is easily recognized by its blue glass exterior on the lower floors and embossed steel façade tower. It was granted landmark status in 2003.
In July 2008, ALM began its phased move-in to its current offices in the Equity Building at 120 Broadway. The company consolidated the offices of its publications located at separate buildings including 345 Park Ave. South, 105 Madison Ave., 333 7th Ave. and 520 8th Ave.
UBS Realty in a joint venture with Silverstein Properties owns the 120 Broadway property which is currently undergoing a $50 million renovation as previously reported in GlobeSt.com.
“We are thrilled to be making this move back up to Midtown,” says Bill Carter, CEO at ALM. “This new location will allow our employees to have a highly collaborative and open environment to help us innovate and grow as a company.”
Colliers International’s tri-state president Michael Cohen, vice chairman Leon Manoff and executive managing director Robert Goodman represented ALM in this transaction.
“ALM is a savvy organization that has made strategic real estate decisions that afforded significant economic advantages. The company’s locational flexibility has allowed them to leverage current market dynamics to secure advantageous space that fosters the collaboration on which they thrive,” says Cohen. “150 East 42nd St. is a Class A building positioned directly across from Grand Central Terminal — a perfect location for accessing its target audience.”
Colliers previously assisted ALM in leasing space at 345 Park Ave. South and 120 Broadway.