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

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

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

arrow_forward_ios
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
From left: BedRock’s Chuck Berman and Tracey Appelbaum, Kaufman Astoria Studios' Hal Rosenbluth, and Larry Silverstein with Innovation QNS
Silverstein, Council strike deal on Queens megaproject
Silverstein, Council strike deal on Queens megaproject
The Closing: Bjarke Ingels
The Closing: Bjarke Ingels
The Closing: Bjarke Ingels
Silverstein Properties' Larry Silverstein, Metroloft Management's Nathan Berman, Rudin Management's Bill Rudin, and 55 Broad Street (Getty, Google Maps)
Silverstein, Berman extend deadline to close $180M deal
Silverstein, Berman extend deadline to close $180M deal
Silverstein Properties' Larry Silverstein, Kushner's Jonathan Kushner and rendering of 808 Pavonia Avenue in Jersey City (Cahn PR, Getty, Handel Architects)
Jersey City approves Kushner, Silverstein’s 1,200-unit megaproject
Jersey City approves Kushner, Silverstein’s 1,200-unit megaproject
Silverstein Properties' Larry Silverstein, BedRock Real Estate Partners’ Tracey Appelbaum, City Council member Julie Won and a rendering of Innovation QNS (Getty, Innovation QNS, BedRock, NY City Council)
New twist in $2B drama between Silverstein, City Council
New twist in $2B drama between Silverstein, City Council
The Real Deal's Hiten Samtani and a rendering to 2 World Trade Center (Rendering via Visualhouse)
Watch: Why is Silverstein’s WTC complex still unfinished? TRD weighs in
Watch: Why is Silverstein’s WTC complex still unfinished? TRD weighs in
From left: Silverstein Properties' Larry Silverstein and New York City Councilmember Julie Won along with a rendering of Innovation QNS (Getty Images, Julie Won for City Council, Innovation QNS Official Site)
Silverstein’s Astoria megaproject ups affordable housing commitment
Silverstein’s Astoria megaproject ups affordable housing commitment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...