Commercial Observer writes tenaciously about Midtown\u2019s office market. Now, it\u2019s joining the action.<\/p>\n
Observer Media<\/a>, the digital media company home to Commercial Observer and the Observer, is relocating its offices to 1330 Avenue of the Americas, a 40-story office building owned by a joint venture involving Creed Equities<\/a>, Hakimian Capital<\/a>, CH Capital Group<\/a> and Nassimi Realty<\/a>.<\/p>\n SEE ALSO: Williams Equities\u2019 Michael T. Cohen, Robert Getreu and Andrew Roos Take Manhattan<\/a><\/p>\n Observer will move in December from its current offices at 1 Whitehall Street in the Financial District. MetroLoft Management has plans to convert<\/a> the office property into residential rental apartments.<\/p>\n The media company\u2019s new Midtown office will span 16,400 square feet across the entire third floor of 1330 Avenue of the Americas, situated between West 53rd and West 54th streets, across the street from Midtown\u2019s Hilton hotel.\u00a0<\/p>\n Observer is subleasing the space through February 2031 from home design company MillerKnoll<\/a>, which is consolidating its space to its other New York City location at 251 Park Avenue South.<\/p>\n Asking rent for the sublease was in the $60s per square foot, while rents in the rest of the building range between $80 to $120 per square foot, according to CBRE<\/a>\u2019s Arkady Smolyansky, who represented Observer Media in the deal alongside Jacob Rosenthal.<\/p>\n