News Corp., 21st Century Fox sign LOI to anchor 2 WTC

Murdoch companies would move to Ingels-designed tower upon 2020 lease expiry

TRD New York /
Jun.June 02, 2015 05:21 PM

News Corp. and 21st Century Fox have signed a non-binding letter of intent to become the anchor tenants of Silverstein Properties’ 2 World Trade Center in the Financial District.

While the agreement “does not mean that a final decision has been made,” plans are in place for the Rupert Murdoch-owned companies to leave their current Midtown headquarters at 1211 and 1185 Sixth Avenue upon lease expiry in 2020.

Architectural firm Bjarke Ingels Group would design the “state-of-the-art tower” at 2 World Trade Center, News Corp. confirmed in a release. News of the LOI signing was first reported by the New York Post.

“There is much to be done before a binding agreement with [Silverstein Properties] is reached, and renewing our current lease remains a possibility,” News Corp. said in a statement, also adding “no move would occur prior to 2020.”

A decision to move or stay at the companies’ current Midtown headquarters will likely be made before the end of the year. News Corp. and 21st Century Fox would occupy roughly 1.3 million square feet on the lower levels of the 2.8-million square foot building, and under separate leases.

In a statement, Silverstein Properties chair Larry Silverstein called the agreement “a great milestone” for the World Trade Center and said the move by News Corp. and 21st Century Fox “would cap a seismic shift that has taken place in Lower Manhattan over the past decade.”

“This isn’t your grandfather’s Wall Street,” Silverstein added. “While still the international capital of finance, Lower Manhattan has also remade itself into the new media and entertainment capital of America.”

The Murdoch conglomerate had reportedly been in talks with Silverstein for months over co-developing the planned 80-plus-story tower and moving its operations to the Financial District. [NYP] — Rey Mashayekhi

Related Articles

 News Corporation founder Rupert Murdoch and CEO Robert Thomson (Credit: Getty Images, iStock)’s parent eyeing the mortgage business

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Larry Silverstein and the Tel Aviv Stock Exchange Bull (Credit: Getty Images and Wikipedia)

As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering

Marty Burger (Photo by Studio Scrivo)

The Closing: Marty Burger

Marty Burger (Photo by Studio Scrivo)

The Closing: Marty Burger

From left: Graeme Hart, The XI and HFZ Capital Group's Ziel Feldman (Credit: Getty Images)

New Zealand’s richest man buys condo at Ziel Feldman’s the XI

The Real Deal publisher Amir Korangy and Larry Silverstein (Credit: Emily Assiran)

Silverstein might build 2 WTC on spec

Jeremy Moss (Photo by Axel Dupeux)

Day in the life of: Jeremy Moss