The Real Deal New York

Macmillan leaving Flatiron Building for Silverstein’s 120 Broadway

The publisher plans to move out of its current digs in 2019
July 31, 2017 05:58PM

From left: the Flatiron Building, 120 Broadway and Macmillan’s Annette Thomas

UPDATED, 8:56 a.m., August 1: Macmillan Publishers is officially leaving the Flatiron Building, having signed up for 261,000 square feet at Silverstein Properties’ 120 Broadway.

The space will span five full floors, the New York Post reported. In April, sources told The Real Deal the publisher was weighing a move to the Lower Manhattan building, but the size of the space was not clear.

Asking rents at 120 Broadway are in the mid-$50s per square foot, according to the newspaper.

Macmillan is the Flatiron Building’s sole tenant. The property has not been totally empty since it was built more than a century ago. Sorgente Group of America, which owns a majority stake, may rent it out to new tenants or potentially go through with a plan to turn it into a hotel.

The move is yet more proof of how popular Lower Manhattan has become with with media companies. Last year, Penguin Random House signed a lease extension running through to the year 2033 at SL Green Realty and Ivanhoe Cambridge’s 1745 Broadway. It also announced its plans to move employees from its Soho offices at 375 and 345 Hudson Street to the Midtown headquarters. Earlier this month, Spotify  extended its lease another 100,000 square feet at Silverstein’s 4 World Trade Center. In 2015, advertising firm GroupM added 170,000 square feet to its 520,000 square feet at 3 World Trade Center.

Built in 1915, the building at 120 Broadway spans 1.8 million square feet. Colliers International’s Leon Manoff represented Macmillan in the deal. Silverstein was represented in-house by a team led by Roger Silverstein.

[NYP]Miriam Hall

Correction: A previous version of the story had the incorrect address in the headline. It is 120 Broadway, not 120 Park