NEW YORK CITY—Two World Center developer Silverstein Properties late Friday was notified that media giants 21st Century Fox andNews Corp. are scrapping " href="http://www.globest.com/news/12_1124/newyork/office/Fox-News-Corp-Sign-LOI-for-Downtown-Move-358525-1.html">plans announced seven months ago to move to the building from their Midtown headquarters, the Wall Street Journalreports. The companies will remain at their 1211 Ave. of the Americas offices through at least 2025.
"We have concluded that a relocation project of this scope could be distracting in the near-term and, given the scale of investment in a relocation of this size, that our resources would be better directed elsewhere," says James Murdoch, 21st Century Fox's chief executive, and News Corp. co-chairman Lachlan Murdoch in a joint statement.
The shift forces Silverstein to abandon its plans to start construction on the speculative office building, a spokesman confirms to GlobeSt.com. However, the developer's chairman, Larry Silverstein, is undeterred on the project.
"Make no mistake: it won't be long before we find a great company to anchor 2 World Trade Center," he says in a media statement. "Lower Manhattan has firmly established itself as the neighborhood of choice for the world's most dynamic technology, advertising, media, financial and other creative businesses. Downtown's momentum is palpable and unstoppable—more than 600 firms have moved to Downtown since 2005, leasing over 15 million square feet of space. We at Silverstein Properties remain 100 percent committed to successfully completing this historic rebuilding effort."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
