Deutsch, DoubleClick sign 200,000 SF in leases at 111 Eighth Ave. building

Real Estate Weekly, August 6, 2003

Deutsch Inc. and DoubleClick have signed new leases at 111 Eighth Ave. totaling more than 200,000 SF, according to Andrew J. Nick, a principal at Taconic Investment Partners LLC, the owners and managers of the property.

"To have Deutsch Inc. and DoubleClick sign leases totaling over 200,000 SF during this challenging market is a testament to the extraordinary quality of the space at 111 Eighth Ave.," said Nick. "111 Eighth Ave. stands at the intersection of media and technology, supported by fashion boutiques, galleries, restaurants, and other corporate and creative users in this dynamic midtown south submarket--a dynamism reflected and reinforced by the space choices of these prime tenants."

Deutsch Inc. is expanding its presence at this prime Chelsea location by 23,000 SF.

Including the expansion, Deutsch Inc. will be leasing a total of 128,000 SF of space on the 14th and 15th floors of the building. The term of the renewal and expansion is 10 years.

"The unique qualities of 111 Eighth Ave., and the adaptability of its raw space, enabled us to create offices that accommodate our growing needs and reflect the fast-paced, creative environment of our culture. Our decision to expand our business here is reinforced by the expanding Chelsea business center and by the services 111 Eighth Ave. provides to its tenants," said Donny Deutsch, chairman and CEO of Deutsch Inc.

DoubleClick is moving its corporate headquarters from 450 West 33rd St. to a 76,000 SF space on the 10th floor of this spectacular building. The lease is for 15 years. "The dynamic location and cultural climate of 111 Eighth Ave. and Chelsea were the perfect fit for DoubleClick and its employees," stated Kevin Ryan, CEO of DoubleClick.

"In today's economic climate, companies looking for new or expanded offices generally prefer built space in order to minimize capital expenditures," said Brian Gell, leader of the Insignia/ESG team, with Susan MacWilliams, exclusive brokers for 111 Eighth Avenue. "To have two such prestigious businesses lease raw space at 111 Eighth demonstrates the building's unique characteristics and position in the marketplace."

The team of Scott Panzer and Robert Silver of Newmark & Co. were brokers for Deutsch Inc., while Paul Ippolito and Michael Ippolito, also of Newmark & Co., were the brokers for DoubleClick.

In addition to the office signings, 111 Eighth has also experienced recent retail activity with Washington Mutual inking a lease for a branch bank occupying 3,000 SF of prime ground floor space.