Youth-focused cable TV network Fuse Media signed a lease for 27,000 square feet at Vornado Realty Trust’s One Penn Plaza.
Fuse will relocate to the 10th floor of the 57-story building from another Vornado property nearby at 11 Penn Plaza, Crain’s reported.
Rents in the 10-year deal start at $67 per square foot and climb to $72 per square foot.
Avison Young’s John Ryan represented Fuse, while an in-house Vornado team led by Glen Weiss negotiated on behalf of the landlord.
Fuse was forced out of 11 Penn in part because AMC Networks renewed its 290,000-square-foot lease two years ago and took on another 40,000 square feet, about half of which included Fuse’s offices.
Vornado chips away with the deal at a 150,000-square-foot vacancy left when the U.S. Customs and Border Protection agency left the 2.6 million-square-foot One Penn Plaza for One World Trade Center.
Vornado is planning an ambitious overhaul of its Penn Plaza portfolio that includes combining One Penn Plaza and its neighbor at Two Penn Plaza into a 4.2 million-square-foot megacomplex. [Crain’s] – Rich Bockmann