‘Wine Spectator’ Owner Renews 38K-SF Lease at 825 Eighth Avenue
By Amanda Schiavo March 13, 2025 4:01 pm
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Spirits expert Shanken will not be stirred from its offices.
M. Shanken Communications, a media company whose brands include Wine Spectator and Whiskey Advocate, has renewed its 38,652-square-foot lease on the entire 33rd floor and part of the second floor at SL Green (SLG) and RXR’s 825 Eighth Avenue, also known as Worldwide Plaza, Commercial Observer has learned.
The renewal term is for five years, a source close to the deal told CO. M. Shanken moved into one of Midtown Manhattan’s most recognizable buildings in 2014. Asking rent was not available, however the average asking rent for office space in Midtown was $77.89 per square foot for the 2024 fourth quarter, according to Colliers data.
Newmark (NMRK)’s David Falk and Jason Greenstein represented M. Shanken in the deal. Newmark declined to comment on the lease renewal. SL Green represented the landlord in-house.
“We are delighted to extend our valued relationship with such a high-profile tenant,” Steven Durels, executive vice president and director of leasing and real property at SL Green, said via email.
Together, SL Green and RXR acquired a 49.9 percent stake in Worldwide Plaza back in 2017, CO reported at the time. (New York REIT Liquidating retains the remainder of the ownership.)
The 2 million-square-foot mixed-use building was constructed in 1989 and rises 49 stories from a site that had been a parking lot since 1968, according to the SL Green website. Before becoming a parking lot, the site was the third home of famed sports arena Madison Square Garden, which could be on the move again if a certain proposal to redesign Penn Station is approved.
The deal comes just as a $940 million commercial mortgage-backed loan tied to 825 Eighth Avenue moves out of special servicing following a modification.
Other tenants at 825 Eighth Avenue include law practice Cravath, Swaine & Moore, public relations firm Rubenstein Associates and media company The WNET Group.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
