WPP said it has completed the sale of its property at 285 Madison Ave. in New York City for nearly $190 million.
The property has been the worldwide headquarters of WPP-owned ad agency Young & Rubicam Inc. since 1926, when the 25-story building was erected. It was acquired as part of WPP's purchase of Y&R in 2000 for $5.7 billion.
It was just over a year ago that Y&R employee Suzanne Hart was tragically killed in an elevator accident at the building. An investigation by the city in the aftermath implicated an elevator maintenance company whose employees had been working on the elevator shortly before the accident.
Y&R had announced plans to move its headquarters uptown to Columbus Circle before the accident, citing the need for an updated space. Those plans are scheduled to take effect in 2013, WPP confirmed.
The move is scheduled for around mid-year. Sister agencies that are part of the Y&R Group also housed at 285 Madison will also make the move uptown. They include interactive strategy shop Blast Radius, branding firm BrandBuzz, digital marketing agency VML and direct-response specialist Wunderman, among others.
The buyer of 285 Madison has been identified as RFR Realty, which reportedly has plans to convert the building into hotel space.