McGraw-Hill, the educational publishing company, will take up more than 136,000 square feet in Paramount Group’s building at 1325 Sixth Avenue.
The company has inked a lease for all of the fifth through ninth floors and part of the 12th floor in the building, which spans 815,000 square feet and stands 34 stories tall, according to the Commercial Observer. The lease will be for slightly more than 16 years, and the asking rent was unclear.
McGraw-Hill current occupies about 122,000 square feet at Vornado Realty Trust’s 2 Penn Plaza. It was unclear whether its new lease represents an expansion or a relocation for the company, although it is likely a relocation.
Paramount had leased just under 81 percent of the building as of the end of March, and its lease with McGraw-Hill bumps the occupancy rate up to 95.4 percent. [CO] – Eddie Small