Media giants Fox Corporation and News Corp have signed separate long-term leases, together totaling almost 1.2 million square feet to retain each of their corporate headquarters at 1211 Avenue of the Americas in Midtown Manhattan. The terms of their leases each have been extended through 2042, with further extension options thereafter, announced Ivanhoé Cambridge.
In the nearly 670,000-square-foot transaction with Fox Corporation, the lease extension will be effective December 2025, while the 486,0000-square-foot lease transaction with News Corp will be effective December 2027.
As part of the lease extension agreements, Ivanhoé Cambridge, and its asset manager, Hines, will embark on a series of planned upgrades to the building, which will include a renovated Sixth Avenue lobby, upgrades to the building’s outdoor plazas and entrances and the creation of a new tenant lobby accessible from 47th Street. Work is expected to commence late this year.
The combined 1.152-million-square-foot lease was the largest of 2022 and largest in more than three years in Manhattan—supporting the fact that many companies still need and value office space to leverage the hybrid work environment. Midtown total leasing exceeded 21.0 million square feet in 2022—on par with the historical 20-year average of 21.2 million square feet—solidifying the resilience of the Midtown office leasing market in a post-pandemic world.
“We are thrilled to be announcing these important transactions. FOX and News Corp are one of our largest tenant partners globally. This commitment made by Fox and News Corp is a clear vote of confidence in 1211 and Midtown Manhattan,” said Jonathan Pearce, executive vice president, leasing and development North America, Ivanhoé Cambridge.
“It also underscores the importance that these leading companies place on having a dynamic workplace that supports its business activities, as well as the attraction and retention of key talent, and to offer a leading experience to its viewers, customers, guests, and employees. We look forward to working with FOX and News Corp to ensure 1211 continues to provide an exceptional home for their organizations as their needs continue to grow and evolve.”
Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented Ivanhoé Cambridge in the transactions. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented Fox Corp and News Corp.