Discovery Selects 230 Park Ave. South for Global HQ
The international entertainment and media company is leasing the entire Flatiron District building.
NEW YORK CITY—Discovery, Inc. has signed a long-term lease with TF Cornerstone to occupy 360,000 square feet, the entire space of 230 Park Ave South. Although pricing information was not available, a source close to the deal tells GlobeSt.com that the lease is for approximately 10 years.
In January 2018, Discovery had announced its decision to relocate its global headquarters from Silver Spring, MD to New York City. The move to its new Flatiron District location is scheduled to begin in fall 2019 and to continue through mid-2020, after TF Cornerstone completes a $40 million upgrade, which was part of the lease.
Built in 1895, the 13-story building has 28,000 square-foot floor plates, four different window lines, and distinctive architectural details like terracotta columns and ceilings. In updating the structure, the renovated property will have an open floorplan and loft-like exposed ceilings and natural light, a ground floor studio and production space, a rooftop terrace, an outdoor garden, a wellness center, an expanded lobby and modernized elevators.
Jake Elghanayan, principal of TF Cornerstone, notes Discovery’s new lease would “expose the building’s exceptional historical character while also modernizing its systems and operations into one of the premier Class A office buildings in Midtown South.”
David Zaslav, president and chief executive of Discovery says the new headquarters in the media capital of the world would provide a creative, collaborative workplace in a vibrant, dynamic neighborhood. “The New Discovery is transforming into a different kind of global media company, and where and how we work is a critical foundation for our future success and growth,” he adds.
Discovery had acquired Scripps for $14.6 billion, in a deal that closed in March 2018. The company will be consolidating several of its New York offices, moving into the new global headquarters in the Flatiron District.
The New York Post reported that Discovery and Scripps, will be moving out of 850 Third Ave. and 1180 Sixth Ave., noting Discovery had another office in Chelsea Market, now owned by Google.