Random House Not Bookish About Office Size, re-ups 361,044 sf lease
By Daniel Edward Rosen April 26, 2012 8:00 am
reprintsBook publisher Random House has agreed to re-up its lease at 1745 Broadway, taking 361,044 square feet in the building that bears its name, it was announced today.
The publisher will be staying in floors 2-through-13 in the 50-story building on 55th and Broadway.
Steve Durels of SL Green (SLG) represented the landlord in-house. Richard Bernstein of Cassidy Turley represented Random House. The latest lease won’t expire until mid-2023.
The firm has 645,000 square feet leased at 1745 Broadway that is set to expire in June 2018, The NY Post reports.
Mr. Bernstein and his team are currently marketing the 16th floor and the 19th-22nd floor for sublease, all at $55 a square foot.
“Leases are completed on 17, 18, 24 and 25, and we have a lease going out on three more floors,” Mr. Bernstein told The NY Post.
Hedge fund PDT, run by former Morgan Stanley wiz kid Peter Muller, subleased the 24th and 25th floors at 1745 Broadway for nearly 55,000 square feet.
Accounting firm Spielman Koenigsberg & Parker subleased 28,000 square feet on the 18th floor of the 674,000 square foot class A building.
Random House is the world’s largest print and trade book publisher and is owned by Bertelsmann AG. It has been in 1745 Broadway since the building was developed in 2003.
Random House has recently published or distributed books like the popular (and naughty) Fifty Shades of Grey, Robert Reich’s Beyond Outrage, and American taste maker Martha Stewart’s latest book Martha’s American Food.
SL Green yesterday announced results from the first quarter of fiscal year 2012. The firm had $1.12 per share before transaction costs (EPS of $0.29 per share).
The real estate investment trust also signed 70 leases in Manhattan worth 684,337 square feet in the first quarter. The Random House deal accounted for a majority of that square footage.
drosen@observer.com
