HOT 97 Owner MediaCo Relocating to 25K SF in Flatiron
By Mark Hallum January 19, 2023 12:53 pm
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Hip-hop will no longer live in Hudson Square but instead reside in the Flatiron District.
MediaCo Holding, parent company of radio stations HOT 97 and WBLS, signed a 16-year lease for 25,000 square feet on the second and third floors of Savanna’s 48 West 25th Street, the New York Post first reported. Asking rent was in the mid-$70s per square foot, according to Savanna.
The new space will serve as WBLS and HOT 97’s broadcast studios as MediaCo is planning to depart its current New York City headquarters on the seventh floor of 395 Hudson Street, Savanna said.
Ethan Silverstein, Theodora Livadiotis and Bruce Mosler of Cushman & Wakefield (CWK) represented Savanna, while C&W’s Anthony LoPresti negotiated on behalf of MediaCo.
C&W did not immediately respond to a request for comment.
Savanna acquired the 12-story, 127,130-square-foot building in 2018 for $90 million from the Klapper family. After the purchase, Savanna began a repositioning of the property that included a new lobby, retail façade renovation and a prebuilt program, according to the landlord.
“This new long-term lease agreement is validation of the exceptional quality of the building and its unmatched Madison Square Park location,” Savanna’s Brian Reiver said in a statement. “We began our capital improvement and repositioning plan at 48 West 25th Street with the goal of elevating it into one of the premier office buildings in the Midtown South area and believe we have achieved that.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
