Savills Studley Arranges 95 KSF Lease Renewal in NYC
- Mar 17, 2017
New York—Savills Studley has arranged a long-term, 95,000-square-foot lease renewal and expansion for W. W. Norton & Co. at 500 Fifth Ave. in New York City. Executive Vice President Daniel Horowitz, Executive Managing Director Jeffrey Peck, Managing Director Gary Kerper and Senior Managing Director Roi Shleifer represented the tenant.
W. W. Norton & Co., which ranks as the nation’s oldest and largest employee-owned publishing house, has resided in the Class A building for more than 40 years. The company currently occupies 78,000 square feet and will be leasing an additional 17,000 square feet, taking over the entire fifth through eighth floors, as well as a portion of the 9th floor. The renewal and expansion will allow W. W. Norton to build a state-of-the-art environment that will reconstruct the office space floor-by-floor in three phases over the next 1.5 years.
Executive Managing Director Harry Blair and Executive Director Sean Kearns of Cushman & Wakefield represented the landlord.
“After scouring the entire market, including Downtown and the New Jersey Waterfront, W.W. Norton ultimately decided that growing and expanding at its longtime home of 500 Fifth Avenue made the most sense for the company based on its positive relationship with the landlord, close proximity to amenities and ease of commuting for its employees,” said Horowitz, in prepared remarks.
Image courtesy of Yardi Matrix