Random House Renews 361 KSF Office Lease in Manhattan
- Apr 27, 2012
By Nicholas Ziegler, News Editor
Hot on the heels of its 1.6 million-square-foot lease signing of Viacom to 1515 Broadway in Manhattan’s Midtown submarket, SL Green has inked a lease renewal for Random House Inc. to continue occupying 361,044 square feet at 1745 Broadway. The publisher will remain in floors 2 through 13 and will use the space for its corporate headquarters.
Random House, Inc., the U.S. division of Random House, the world’s largest print and trade book publisher and wholly owned subsidiary of Bertelsmann AG, has been located at the property since the building was developed in 2003.
“We’re delighted that Random House has chosen to remain at 1745 Broadway and we look forward to providing the firm’s office needs for years to come,” Steven Durels, executive vice president & director of real estate at SL Green, said. “This lease confirms the on-going strength in demand for quality midtown buildings from a wide range of businesses.”
SL Green has been making huge waves in the New York City real estate markets of late. In addition to this week’s Viacom deal, the firm became a part owner of 1775 Broadway — also known as Three Columbus Circle — in a recapitalization deal that saw SL Green secure a $260 million mortgage loan for the property. In January, SL Green acquired the 49.9 percent stake its partner City Investment Fund L.P. held on 521 Fifth Avenue in a deal that valued the property at $245.7 million. And, in December, the firm completed its $390.8 million purchase of 1.2 million square feet of office space from Gramercy Capital Corp.
Richard Bernstein from Cassidy Turley represented Random House while SL Green was represented in-house in the transaction.