Chinese news agency coming to Times Square

July 01, 2010 09:30AM

China’s government news agency, Xinhua, is planning a move to the
top floor of 1540 Broadway, between 45th and 46th streets, from its
current office in Woodside, Queens, according to the Wall Street
Journal. The relocation would also be an expansion for the agency,
which often serves as a propaganda outlet for the government and which
has recently been making efforts to step up its global coverage. Xinhua
would have a 20-year lease on the space that would become its North
American headquarters. Although it was unclear what the agency would
pay in rent, rates in Times Square office buildings are around $67 per
square foot, according to Reis. Xinhua wouldn’t be the only major new
tenant for the 44-story tower: a massive Forever 21 store just opened
in the retail space downstairs. The office portion is owned by a
private equity fund run by CBRE Investors, a CB Richard Ellis
affiliate, which purchased it for $355 million from Deutsche Bank AG
last year. [WSJ]