53rd Street & Sutton Place Relocation For Leading PR Firm Ruder Finn
Ruder Finn, one of the largest independent PR firms in the world has bought a building in midtown Manhattan for their soon-to-be new offices. They paid $30.7 million for the 34,000-square-foot property at 425-429 East 53rd Street, between First Avenue and Sutton Place South.
It has been reported that Ruder Finn will move their offices from their current location at 301 East 57th Street to the new location by the end of the year.
According to the Real Deal, a NY real estate magazine, “Michael Schubert, chief innovation officer at Ruder Finn, said the firm had been searching for a building with an “open, creative layout” – a transition from a closed-box office to one more collaborative.”
A real estate professional who works with PR firms and asked to remain anonymous noted, “While it is a great building, that is a very odd location for a Public Relations firm to be located – 53rd Street, between First Avenue and Sutton Place South. How does an employee who lives in Long Island commute there? Even the subway or bus is a schlep. As a real estate investment it could make sense – as a PR firm office, it’s odd. Is there an executive of the firm who lives nearby and does not want to move? Maybe… but some may venture that the employees & clients of Ruder Finn may not love this location.
Ruder Finn’s headquarters are in both New York and Beijing, China, with multiple offices around the world. They were formed in 1948 by Bill Ruder and David Finn. Kathy Bloomgarden serves as the current CEO watching over the firm working in four primary areas of specialization – corporate & public trust, health & wellness, consumer connections, and technology & innovation.
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In 1999, they formed RFI Studios, a digital practice helping clients with their online presence. The move was groundbreaking in the industry – displaying their forward thinking – long before social media when the web’s biggest contender was still AOL. Later they began expanding in Asia, opening offices in Beijing (now their co-headquarters), Hong Kong, Shanghai, Guangzhou, Delhi, Singapore, Bangalore, and Mumbai. Earlier in 2015 they acquired Japan’s largest independent PR agency, Kyodo Public Relations.
Regarding the acquisition, Kathy Bloomgarden, Global CEO, Ruder Finn, said, “As a company co-headquartered in China with over 25 years of experience in the country, we’ve developed numerous strengths and gained diverse experiences that have allowed us to thrive in the region. This integration of Kyodo’s China assets gives us a unique ability to support Japanese clients gain greater insights into the Chinese market, as well as strengthen our reputation in the Asia-Pacific region. After a phenomenal year of global double-digit growth in 2014, we’re on track for continued growth this year as we strategically expand our business offerings and client portfolio around the world.”
Some of RF’s clients include Johnson & Johnson, Pfizer, Novartis, Kraft Foods, Microsoft, and Swiss Private Bankers’ Association. They agreed to represent the new government of the Maldives in 2012. The new government came to power after organizing a coup d’état to overthrow the first elected government of the country. They reportedly pay RF £150K per month.