New York – Ivanhoé Cambridge announced that Fox Corporation and News Corp have signed separate long-term leases, together totalling almost 1.2 million sq. ft., to retain each of their corporate headquarters at 1211 Avenue of the Americas in midtown Manhattan. The terms of their leases each have been extended through 2042, with further extension options thereafter.
In the nearly 670,000sf transaction with Fox Corporation, the lease extension will be effective December 2025, while the 486,000sf lease transaction with News Corp will be effective December 2027.
As part of the lease extension agreements, Ivanhoé Cambridge and its asset manager, Hines, will be embarking on a series of planned upgrades to the building, which will include a renovated 6th Avenue lobby, upgrades to the building’s outdoor plazas and entrances, and the creation of a new tenant lobby accessible from 47th Street. Work is expected to commence in late 2023.
The combined 1.152 million sq. ft. lease was the largest of 2022 and largest in more than three years in Manhattan. Midtown total leasing exceeded 21 million sq. ft. in 2022, on par with the historical 20-year average of 21.2 million sq. ft.
Jonathan Pearce, Executive Vice President, Leasing & Development North America, Ivanhoé Cambridge, stated: “This commitment made by Fox and News Corp is a clear vote of confidence in 1211 and Midtown Manhattan. 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.”
Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented Ivanhoé Cambridge in the transactions. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented Fox Corp and News Corp. Hines is Ivanhoé Cambridge’s asset manager for 1211 Avenue of The Americas.