Ivanhoé Cambridge locks in anchor tenants Fox and News Corp in biggest Manhattan deal in three years
One of Canada’s real estate powerhouses has signed the anchor tenants at a signature Manhattan property to long-term lease extensions at a time when office tower owners are grappling with the uncertainty brought on by the COVID-19 pandemic and the shift to hybrid work.
Ivanhoé Cambridge announced Jan. 4 that it has extended the leases of Fox Corporation and News Corp at their 1211 Avenue of the Americas tower in New York City, in a deal the real estate firm said was the largest in Manhattan in more than three years.
Ivanhoé, the real estate arm of the Caisse de dépôt et placement du Québec, said in a press release that the separate leases signed by the two entities total approximately 1.2 million square feet of the iconic 44-storey, two-million-square-foot building. The leases are being extended through 2042 with options for further extensions.
Jonathan Pearce, executive vice-president of North American leasing and development at Ivanhoé, heralded the deal as a major win.
“This commitment made by Fox and News Corp is a clear vote of confidence in 1211 and Midtown Manhattan,” Pearce said in the release. “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.”
Leave a Reply