Studley's corporate managing director L. Craig Lemle and executive vice president Matthew Barlow represented New Line in the 10-year, 69,232-sf lease extension. The deal runs from 2007--the year the current lease is scheduled to expire--to 2017. Vornado was represented in-house by vice president Glen J. Weiss.
Lemle estimates this to be the 10th lease that Studley has negotiated for the film company over the past 12 years. "Since our relationship began, we have helped New Line Cinema expand from 25,000 sf to the nearly 70,000 sf that it leases today."
New Line, which is now the third largest tenant in the 902,000-sf building, occupies the 18th, 19th, and 20th floors and portions of the fifth and 16th floors. Earlier this month, alternative investment advisor Lynster Watson moved its headquarters to the 46-story site taking up the entire 20,000 sf on the 40th floor. Other office tenants include the Limited, and Hearst. Vornado is headquartered at the site as well.
According to Lemle, this deal is a win-win situation. He says it not only benefits New Line, which now has flexibility with the future renewal and expansion options incorporated into the new lease, but it also enables Vornado to deliver a strong long-term tenant and a fully leased building to its investors.
New Line Cinema, a unit of Time Warner, is a fully-integrated film company. In addition to the production, marketing and distribution of theatrical motion pictures, the fully integrated studio has divisions devoted to home entertainment, television, music, theater, licensing, merchandising and international marketing and distribution. It is best know for its Oscar-winning "The Lord of the Rings" trilogy.
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