Monday signs bumper renewal at 237 Park Ave

Real Estate Weekly, March 2, 2005

Monday Properties, a New York City-based investment, development, ownership and management company, has completed a renewal lease with J. Walter Thompson for 270,280 square feet of space at 237 Park Avenue in Manhattan.

J. Walter Thompson, the largest advertising agency in the United States and the fourth largest in the world, has maintained its world headquarters in the 1.2 million-square-foot building since it was opened in 1980. Under the 10-year lease renewal, the company will occupy four and a half floors.

J. Walter Thompson employs 8,500 people in 150 cities in 86 countries worldwide. The company, which was established in 1864, is the world's oldest advertising agency brand. Other tenants in 237 Park Avenue include Revlon, Credit Suisse Asset Management and E.M. Warburg Pincus & Co.

Monday Properties was represented in-house in the transaction.

Cushman & Wakefield Vice Chairman Donald A. DiRenzo Sr. and Executive Director Jeff S. Cohen represented J. Walter Thompson in lease negotiations. Ross Z. Silver of Fried, Frank, Harris, Shriver & Jacobsen represented the landlord and Mark E. Maltz of Davis & Gilbert represented the tenant.

"J. Walter Thompson is an integral part of the history of 237 Park Avenue and we are delighted that the company will continue to distinguish this as a top-quality building for top-quality tenants," said Anthony Westreich, president and CEO of Monday Properties.

"This was a complex deal, and we were pleased to work with the management team at J. Walter Thompson and their advisors at Cushman & Wakefield, Donald Direnzo Sr and Jeff Cohen, to solidify our long-term relationship."