BY BILLY GRAY

Tangent Capital Partners inked a deal to sublease 12,800 square feet of space on the 23rd floor of 135 East 57th Street, The Commercial Observer has learned.

Roger P. Griswold and Arkady Smolyansky of CBRE represented the tenant. Jeffrey Kilimnick and Roger Kluge of CBRE represented the sublessor, Sansar Capital.

Tangent relocates to the building from 9 West 57th Street, the 50-story, 1.4-million-square-foot tower owned by Sheldon Solow that has some of the highest asking rents in the city. The merchant bank was founded in 2004 by Jim Peet and Bob Rice.

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BY AL BARBARINO

The 20-story office building at 50 Broad Street turns 100 years old this year, but don’t be fooled by its age: the building just got a multimillion dollar nip and tuck that ownership hopes will keep it around for at least another century.

In concert with Cushman & Wakefield, the building’s manager since 1962, ownership has so far pumped $16 million into a major infrastructure upgrade that includes a new lobby and aims to restore the property’s 1913 charm, while bringing it up speed with its younger neighbors.

“We said we were going to restore it to how it was and we’ve truly done that to the best of our ability,” said Joseph Freda, a director at C&W who is overseeing the renovation. But, he added, “We’re bringing the building into the 21st century.”

Spare the original terracotta ceilings, known for its brittleness, and granite that is “impossible to get,” the engineer said he and his crew have gone to painstaking lengths to restore the original architectural details.

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BY GUS DELAPORTE

The Interpublic Group of Companies (IPG) has signed a lease for 86,000 square feet at 1400 Broadway, a spokesperson confirmed with The Commercial Observer. Three New York-based subsidiaries of advertising conglomerate will relocate to 1400 Broadway by the end of the year from their current offices in Flatiron and Soho.

IPG, considered a “big four” advertising agency, is headquartered at 1114 Avenue of the Americas and also operates a U.S. regional office in Omaha, Neb.

The building at 1400 Broadway is owned by Malkin Holdings via W&H Properties. Currently, the building boasts 10,627 square feet of available space on the 10th floor, available immediately, according to the W&H Properties’ website.

The IPG lease was first reported yesterday by The Wall Street Journal. Scott Panzer, vice chairman at Jones Lang LaSalle, represented the tenant according to the report.

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