Steven Durels, EVP and director of leasing and real property for SL Green, tells GlobeSt.com that the locally based company continues to experience good tenant demand for space in Manhattan. "Rates have remained strong primarily due to limited direct space availability," he says. "However net effective rates have softened as landlords become a bit more cautious as a result of concern about the overall economy."
[IMGCAP(2)]News America operates all business activities for News Corp. within the US. David Levinson and David Berkey of L & L Holding Co. LLC acted on behalf of the tenant in the transaction, while SL Green was represented in-house by Howard Tenenbaum, EVP, and Gary Rosen, managing director.
Although SL Green sources could not reveal taking rent or aggregate lease value, they did tell GlobeSt.com that asking rent at the property is $95 per sf. "We're delighted to welcome such a prestigious company as News America to 1185," Durels says. "They join other highly recognizable building tenants such as Hess Corp., Bank of America, King & Spalding and the National Hockey League."
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