Penguin Random House signs 604K sf extension at SL Green’s 1745 Broadway

Publisher plans to close Soho offices

TRD New York /
Sep.September 07, 2016 09:13 AM

Penguin Random House is opening a new chapter in Midtown, inking a lease extension for 603,650 square feet at SL Green Realty and Ivanhoe Cambridge’s 1745 Broadway, the landlords said in a statement Wednesday.

The new lease comes as the megapublisher looks to close its Soho offices at 345 and 375 Hudson Street and move operations to the Midtown tower. The Wall Street Journal first reported the planned move last month, but terms of a new lease weren’t disclosed at the time.

At the time, Penguin Random House CEO Markus Dohle said the new lease comes with “greatly reduced long-term rent.”

Penguin Random House’s old lease at the Midtown tower, also known as the “Random House Tower,” was set to expired in 2018. The new lease runs through June 2033. Cushman & Wakefield TRData LogoTINY represented the publisher in the deal, while SL Green was represented in-house.

The 52-story building is split between office space on the lower levels and apartments at the Park Imperial condominium starting on the 27th floor. SL Green first bought a stake in the tower in 2007, expanding it last year. The REIT and Ivanhoe Cambridge put the office portion on the market for $700 million in October.

Penguin Random House says about 2,400 employees will work out of 1745 Broadway.

Related Articles

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green snags private-equity firm at
One Vanderbilt

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

Jacob Chetrit buying Daily News building from SL Green for $815M

Marc Holliday and rendering of One Vanderbilt

Sentinel Capital Partners becomes latest firm to ink deal at One Vanderbilt

Suri Kasirer

WATCH: Suri Kasirer on the influence of her father’s Holocaust stories and lobbying hard for the Vanderbilt Corridor and Cornell Tech

Lawsuits, pop-ups and ragers: Why 60 Guilders took a $25M loss on its prized Soho retail property

Savanna picks up 521 Fifth Ave for $381M