Nielsen nears move to 85 Broad from Midtown South

TRD New York /
Aug.August 13, 2012 10:00 AM

Media company Nielsen hasn’t found a sublet for its Midtown South office space but is already nearing a deal for replacement space in bargain-friendly Lower Manhattan. The Wall Street Journal reported that it is negotiating for about 160,000 square feet at 85 Broad Street, the former headquarters of Goldman Sachs.

Nielsen is currently located at 770 Broadway, a Vornado Realty Trust building on East Ninth Street that also houses AOL, Huffington Post and J. Crew. In June, it commissioned CBRE Group to find a taker for its 158,000 square feet.

Meanwhile, Nielsen is joining a flurry of media companies that have moved downtown in recent years, led by Conde Nast. Like its media predecessors, Nielsen is moving downtown in search of cheaper rents. Prices in Midtown South have climbed as high as $60 per square-foot, $20 more per foot than prime downtown buildings charge.

Rents downtown are stumbling because many financial firms moved to Midtown after the 9/11 attacks and those that remain are increasingly consolidating, the Journal said. [WSJ]


Related Articles

arrow_forward_ios
Facebook expands and J. Crew relocates in complex space swap

Facebook expands and J. Crew relocates in complex space swap

Facebook expands to over 500K sf at Vornado’s 770 Broadway

Facebook expands to over 500K sf at Vornado’s 770 Broadway

Vornado has plans to clear out more space for Facebook in Midtown South: sources

Vornado has plans to clear out more space for Facebook in Midtown South: sources

85 Broad and Ivanhoe’s Daniel Fournier

Ivanhoe Cambridge set to buy 85 Broad
for $650M

MetLife, Beacon Capital look to sell 85 Broad

MetLife, Beacon Capital look to sell 85 Broad

A look inside Facebook’s New York office

A look inside Facebook’s New York office

Facebook checking out new office towers for 500K sf spread

Facebook checking out new office towers for 500K sf spread

Vox nears deal for NYC office at 85 Broad 

Vox nears deal for NYC office at 85 Broad 

arrow_forward_ios