Posted Feb 10, 2015, 1:51 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,358
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http://forum.skyscraperpage.com/forumdisplay.php?f=323
News Corp. to consider moving locations once lease expires
By Steve Cuozzo
February 9, 2015
Quote:
News Corp and 21st Century Fox, the separate media giants controlled by Rupert Murdoch, are weighing options for a new Manhattan headquarters when their Midtown leases expire in 2020, sources said.
Possibilities under consideration include moving both companies into a newly constructed office tower, most likely at the World Trade Center or at one of several Hudson Yards sites.
Officials of neither company would comment. But a source familiar with the executives’ thinking said, “21st Century Fox Co-chief Operating Officer James Murdoch and CFO John Nallen are leading a review in consultation with News Corp senior management.”
It was understood Monday night that while the companies’ precise future space needs hadn’t yet been determined, it was “in excess of 1 million square feet” — likely more than their current, combined 1.2 million square feet under several different leases at 1211 and 1185 Sixth Ave.
If 21st Century Fox and News Corp opt for a new headquarters, it could be good news for two major developers. Larry Silverstein needs an anchor tenant to get 2 World Trade Center out of the ground, and Related Cos.’ chief Stephen Ross, who has two Hudson Yards towers going up, needs tenants to start work on two more that are planned.
However, a source cautioned that no decision has been made, and both 21st Century Fox and News Corp might stay in their current Sixth Avenue homes.
While five years remain on their current leases, that is not very long to devise a large and complex real estate strategy for technologically sophisticated media companies and affecting thousands of employees — especially if they decide to go to a brand-new building elsewhere.
News Corp divisions at 1211 and 1185 Sixth Ave. include Dow Jones, which publishes the Wall Street Journal, and the New York Post.
Divisions of 21st Century Fox include Fox News Channel, Fox Sports and some film and broadcast television units.
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