June 6, 2019
In one of Manhattan’s largest leasing deals thus far in 2019, Interpublic Group has signed a lease extension at Cohen Brothers Realty’s 622 Third Ave. for its flagship agency, McCann Worldgroup, according to the New York Post. The marketing services agency will continue to occupy 450,000 square feet at the tower for 15 years past the original lease expiration of 2021.
McCann has been based at the 39-story tower since 2000. Commenting on the Post report, Trepp noted that the agency represents about 44% of the square footage at 622 Third, making it the largest tenant.
With the McCann lease extension sewn up until 2036, the property’s occupancy rate stands at 93%. Trepp noted that the 1,007,389-square-foot office tower, which dates from 1974, backs a $275-million securitization that is due to mature in 2028.
Cohen Brothers’ Marc Horowitz represented ownership in-house, while JLL negotiated for McCann, the Post reported.
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