Rolling Stone publisher eyes move to Empire Stores in Dumbo

Wenner Media in talks to leave Sixth Avenue for as much as 70K sf 

New York /
Jul.July 06, 2016 06:00 PM

The publisher of Rolling Stone magazine is in talks to Relocate From Sixth Avenue to more than 50,000 square feet in Dumbo.

If a lease were to be finalized, Wenner Media, which along with the venerable music magazine also publishes titles like Us Weekly and Men’s Journal, would take as much as 70,000 square feet at the new office complex Empire Stores, Bloomberg reported.

The publisher is currently located at Vornado Realty Trust’s TRData LogoTINY 1290 Sixth Avenue and is negotiating the details of a lease, Bloomberg noted, though neither side has committed to a deal.

Industry sources told Bloomberg that Brooklyn’s emerging office market is still looking for high-profile companies to help solidify its strength.

“With Wenner Media, a real corporate tenant strongly considering a move to Empire Stores in Brooklyn, that is like the holy grail for the Brooklyn developers,” Zev Holzman, a broker with Savills Studley who isn’t involved in the negotiations, told the news outlet. “They’re looking for Manhattan corporate tenants to move to Brooklyn.”

A partnership of Midtown Equities, Rockwood Capital and the HK Organization is developing the 430,000-square-foot project, where office rents range from $65 to $85 per square foot.

Along with Time Inc., which departed 1271 Sixth Avenue for Brookfield Place, and SportsNet New York, which agreed to move from the same building to 4 World Trade Center, Wenner Media would be the third big media company to leave the Rockefeller Center area.

One caveat to a relocation would be that Wenner’s lease with Vornado doesn’t expire for some time, so the publisher would have to pay a termination fee.

Earlier this year, advertising firm 72andSunny agreed to take 50,000 square feet at Empire Stores, which is 62 percent leased.

The project is one of several big office projects in the borough, such as Dumbo Heights and the Brooklyn Navy Yard redevelopment, looking to draw marquee tenants across the East River.

[Bloomberg] – Rich Bockmann


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Vornado's Steve Roth, 555 California Street in San Francisco and Donald Trump (Getty, Wikipedia Commons)
Vornado, Trump Org lock in big renewals at SF office tower
Vornado, Trump Org lock in big renewals at SF office tower
Photo illustration of Vornado CEO Steven Roth, (Getty, iStock/Illustration by Kevin Rebong for The Real Deal)
Vornado’s effort to dump Trump was “news to me”: Steve Roth
Vornado’s effort to dump Trump was “news to me”: Steve Roth
(Illustration by Kevin Rebong for The Real Deal)
Developers pitch New York City casino
Developers pitch New York City casino
Inside the $1.6B Moynihan Train Hall redevelopment
Inside the $1.6B Moynihan Train Hall redevelopment
Inside the $1.6B Moynihan Train Hall redevelopment
One Manhattan West, Grace Building and St. John's Terminal nabbed the largest loans in NYC in 2020. (Brookfield Property Partners, SHVO)
NYC’s biggest real estate finance deals of 2020
NYC’s biggest real estate finance deals of 2020
arrow_forward_ios

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

Loading...