AmTrust Doubles Space at Former Daily News Building
AmTrust Title Insurance Company is expanding its offices at the former New York Daily News headquarters near Grand Central Terminal, Commercial Observer has learned.
The firm signed a 10-year deal last week that will nearly double its footprint at SL Green (SLG)’s 220 East 42nd Street, according to a release from the landlord. The 50-person company plans to grow to 13,771 square feet from 7,634 square feet in the 37-story Art Deco tower. It’s also relocating from part of the 31st floor to the entire 24th floor.
Asking rent in the transaction was $67 a square foot.
Tara Stacom, Barry Zeller, Justin Royce and Matthias Li from Cushman & Wakefield (CWK) represented the landlord. AmTrust had no broker representation in the deal.
“We love the building, the location, the proximity to Grand Central Terminal, and are especially grateful that SL Green has made consistent efforts to accommodate our growth,” said Steve Napolitano, executive vice president at AmTrust, in prepared remarks.
The 1.2-million-square-foot building is known for having the world’s largest indoor globe, which was made famous by the Superman television series in the 1950s and 1960s. The property is home to several major tenants including Omnicom Group, WPIX TV, the United Nations and Martin Clearwater & Bell. The landmarked tower between Second and Third Avenues was constructed for the Daily News in 1930 and hosted the tabloid until 1995.