Film Co. Inks 10-Year, 69,000-SF Deal

NEW YORK CITY-Plotting a long-term strategy, film production and development company New Line Cinema signs a lease expansion and extension for its headquarters space at 888 Seventh Ave. The company, represented by Studley, evaluated its short-term and long-term business goals and determined to extend its lease in the Vornado Realty Trust building where it has been located since 1992. Though the financial details of the transaction were not released, space in the site averages at $65 per sf.

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.”