Total value of the lease is just under $1.5 million.
The tenant, 25/7 Productions LLC, whose credits include “The Biggest Loser” and “Shedding for the Wedding”, has occupied the space for the past five years and chose to remain after conducting a comprehensive review of alternatives.
“In the current market, it’s important for landlords to be cognizant of the competitive environment in which everyone is operating,” said Casamassima, who represented the lessor, Dr. Richard Sayegh. “Keeping abreast of the leases transacted in the Media District has helped us to retain our tenants and maintain a 98 percent occupancy rate at the building.”
In addition to the convenience of the location, just minutes from the major studios, the building offers 25/7 full control over its own utilities, an important feature for production companies.
Greg Frankovich, a Director at Newmark Knight Frank, represented the tenant.
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