Fuse Media Has Pen(n)chant for Penn Plaza
Rheaa Rao Oct. 6, 2016, 12:30 p.m.
The firm will occupy the 10th floor of the 57-story building between Seventh and Eighth Avenues. It is currently at 11 Penn Plaza on the east side of Seventh Avenue between West 31st and West 32nd Streets, which is also owned by Vornado. Fuse Media will move to its new location in March 2017, according to CoStar Group.
Asking rent in the 10-year deal was $72 per square foot, according to Crain’s New York Business, which first reported news of the deal.
Fuse Media is moving out of its current space because of a pre-existing agreement between the landlord and AMC Networks. A source familiar with the deal said that AMC had entered into a 325,000-square-foot lease at 11 Penn Plaza in December 2014. The deal included an expansion to the 17th floor, which Fuse Media currently occupies, that kicks in in May 2017.
Publicis Healthcare Communications Group signed a five-year lease at 1 Penn Plaza in February 2014, as Commercial Observer reported at the time. Publicis had planned to merge with Omnicom Group to form what would have become the largest media conglomerate in the world. The deal was called off but Publicis still occupies space in the building.