Fox Corporation and News Corp. Renew Combined 1.1M SF at 1211 Avenue of the Americas
By Mark Hallum January 4, 2023 4:00 pm
reprints
One of the biggest lease deals of 2022 was also one of the last.
Fox Corporation and its sister company News Corp. — both owned by media mogul Rupert Murdoch — extended their leases with Ivanhoé Cambridge at 1211 Avenue of the Americas for 670,000 square feet and 486,000 square feet respectively, locking in over 1.1 million square feet until 2042, according to tenant broker CBRE (CBRE).
CBRE declined to provide the asking rents in the deals, which were finalized in December. The lease was first reported by The Wall Street Journal.
“This commitment made by Fox and News Corp is a clear vote of confidence in 1211 and Midtown Manhattan,” Jonathan Pearce, executive vice president at Ivanhoé Cambridge, said in a statement. “It also underscores the importance that these leading companies place on having a dynamic workplace that supports its business activities, as well as the attraction and retention of key talent, and to offer a leading experience to its viewers, customers, guests and employees.”
CBRE’s Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball negotiated on behalf of the tenants while Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield (CWK) represented the landlord. C&W did not immediately respond to a request for comment.
The 1.8 million-square-foot building — designed by Harrison, Abramovitz & Harris and completed in 1973 — first became the headquarters of Murdoch’s media empire in 1980 and continues to be the base of operations for the controversial television network Fox News as well as the New York Post and The Wall Street Journal.
Mark Hallum can be reached at mhallum@commercialobserver.com.
