Penguin Random House Extends Major Manhattan Lease

By Bogdan Odagescu

1745 Broadway, Manhattan, NYC

New York—SL Green Realty Corp. and partner Ivanhoé Cambridge announced that leading international publisher Penguin Random House inked a 15-year, 603,650-square foot lease extension at 1745 Broadway.

With the previous contract set to expire in 2018, the publishing house signed for an extension through June 2023 for floors 2-19 and 21-23 of the LEED-certified building. Cushman & Wakefield’s Richard Bernstein represented the tenant and SL Green represented the landlord in-house. According to Yardi Matrix, the SL Green-owned skyscraper is subject to an unsubordinated net ground lease held by AMSI Investors.

Completed in 2002, the 52-story high-rise has a total rentable surface of 631,000 square feet and includes 43,000 square feet of retail. Just steps away from Columbus Circle, the Class A property boasts an impressive list of immediate neighbors, including Hearst Corp., the Time Warner Center and Seinfeld-favorite The Original Soupman.

“We and our partners at Ivanhoe Cambridge are very pleased to have a high-quality tenant like Penguin Random House continue to anchor this premier asset…Leasing velocity in Manhattan remains robust with strong demand from legal, TAMI, financial service and health care tenants,” said Steven Durels, EVP & director of real estate with SL Green, in prepared remarks.

Image courtesy of Yardi Matrix