Although SL Green Realty said that media giant Viacom is likely to renew its 1.3 million-square-foot lease at 1515 Broadway in Times Square, Viacom said it’s not a done deal. A source told the Post that Viacom and SL Green are arguing over possible rent increases, ongoing construction and a sudden cockroach infestation. If the two parties don’t agree on the rent increase, Viacom’s rent would be adjusted based on the fair market value of comparable rents in 2009, as decided through an arbitration proceeding. Viacom pays about $50 per square foot right now for its space, while some new tenants in the building are paying about $85 a square foot.
Viacom unsure about 1515 Broadway lease renewal
September 24, 2008 11:44AM