A spokeswoman for Forest City Ratner Cos., which owns One MetroTech at 70 Myrtle Ave., tells GlobeSt.com the CNG deal is for 10 years with an option to renew for five more. As previously reported by GlobeSt.com, MetroTech Center rents are in the mid to high $30s.
CNG will relocate its 125 employees to One MetroTech from separate offices throughout Brooklyn, Queens and the Bronx. The group's holdings include the Bronx Times Reporter; TimesLedger Newspapers in Queens, which publishes 14 weeklies; and Courier-Life Publications, reportedly the city's largest chain of weeklies. CNG also produces a news-based website, www.yournabe.com, that covers 152 neighborhoods in the three boroughs.
"Giving the papers the opportunity to work and collaborate with their peers from other publications will doubtless bring new creativity and synergies to the group as a whole, while allowing them to better serve the communities they report on," says Lee Goldstein, SVP of News Corp., in a release.
The CNG consolidation is the latest in a series of high-profile media leases at One MetroTech. GlobeSt.com reported last month that Uniworld Group signed for 37,000 square feet there. The multi-cultural advertising agency followed El Diario La Prensa, the city's largest Spanish-language newspaper, which signed for 23,400 square feet at One MetroTech in March.
FCRC was represented in the negotiations by a CB Richard Ellis team including Mary Ann Tighe, CEO of CBRE's New York tri-state region; SVPs Tim Dempsey and Keith Caggiano and senior associate Evan Haskell. News Corp. was self-representing.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
