Newsweek Relocating NYC HQ to 395 Hudson
- May 07, 2008
Newsweek has signed a long-term lease for approximately 163,000 square feet at 395 Hudson St., owned by the New York City District of Carpenters Pension Fund.The lease involved three separate parties and the swap of two floors by tenant Thomson Reuters, allowing Newsweek to lease the contiguous third and partial fourth floors of the 10-story office building in Hudson Square. Newsweek will relocate from 1775 Broadway, where it has occupied nine floors for the past 15 years. Cushman & Wakefield vice chairman Josh Kuriloff, executive vice president Gus Field and executive director Melissa Bazar represented Newsweek in its site search and in lease negotiations. “At its previous location, Newsweek’s operations were spread throughout nine separate floors,” said Mr. Kuriloff. Thomson Reuters, will occupy the fifth and sixth floors, and was represented by Cushman & Wakefield’s executive vice president Joseph Cabrera, vice chairman Ed Weiss, executive director David Glassman and executive director Robert Thuss. “This transaction allowed Thomson Reuters to consolidate and reduce office space redundancies created by the recent merger of the two companies,” said Cabrera. Cushman & Wakefield executive vice president Jonathan Serko, executive director Barry Zeller and director David Malawer are the exclusive leasing agents for 395 Hudson Street (pictured) and represented the landlord. As reported by CPN, Manhattan rents and asset values were at record breaking levels in the past couple of years with investment sales climbing in 2007 to $47.8 billion for all property types, according to Cushman & Wakefield market analysis. But several analysts note that that trend, in keeping with the recession, is reversing. Several executives, it was reported, predict that office space will remain in high demand given low vacancy rates, modest new building and other positive factors the city.