Publicis Inks Temporary Lease At 1 Penn Plaza

Law360, New York (February 13, 2014, 2:14 PM EST) -- Global advertising company Publicis Groupe has signed a large temporary lease at Vornado Realty Trust's One Penn Plaza in New York, taking 114,000 square feet beginning in April, according to brokerage Studley Inc.

The transaction was initially structured as a sublease between Direct Brands Inc., which currently occupies the space, and Publicis. But as the deal wore on, Vornado approved a less common assignment of lease, transferring all Direct Brands' rights under its own lease to Publicis for five years.

“The deal was signed within 35...
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