NEW YORK—IMG Worldwide Inc. has signed a 28,312-sq.-ft. lease at 200 Fifth Avenue. The property, owned by L&L Holding Company and located across from Madison Square Park, will serve as the company’s New York headquarters.
The father and son team of Michael and Rocco Laginestra together with Chris Mansfield of CBRE represented IMG in this 15-year lease transaction, while L&L’s David Berkey and Andrew Wiener represented building ownership, a partnership of L&L Holding Company and JP Morgan Asset Management. Asking rents in the building are $85.00 per sq. ft.
IMG expects to relocate from its space at the General Motors Building later this year.
Comprised of 14 stories, 200 Fifth Avenue once functioned as the International Toy Center. In 2009, the property underwent a $135 million historic renovation to become an 850,000-sq.-ft., Class A office building.
Founded in 1960, IMG Worldwide Inc. has nearly 3,000 employees and operates in more than 30 countries. It was acquired in 2004 by renowned entrepreneurial pioneer Ted Forstmann.