Ivanhoé Cambridge Inks 1.2 MSF in Midtown Manhattan – What is a Ground Lease?

, Ivanhoé Cambridge Inks 1.2 MSF in Midtown Manhattan – What is a Ground Lease?, Robert Khodadadian

1211 Avenue of the Americas. Image courtesy of Ivanhoé Cambridge

Fox Corp. and News Corp. have signed two long-term lease extension agreements at Ivanhoé Cambridge’s 1211 Avenue of the Americas in Midtown Manhattan. Cushman & Wakefield represented the landlord in the lease signing, while CBRE facilitated the deal for the tenants.

With the pair of commitments totaling 1.2 million square feet, both firms will retain their corporate headquarters at the office building. Stretching through 2042, the leases provide further extension options. Fox Corp.’s 670,000-square-foot deal will be effective starting December 2025, while News Corp.’s 486,000-square-foot agreement carries a December 2027 implementation date.

Together with asset manager Hines, Ivanhoé will implement a capital improvement plan at the building. Prospective upgrades include the renovation of the 6th Avenue lobby, improvements to the property’s outdoor plaza and entrances, as well as the addition of a new tenant lobby, accessible from 47th Street. The overhaul is slated to begin later this year.

Midtown leasing in a post-pandemic world

With the ongoing tech downsizings in the Northeast, as shown by a recent CommercialEdge report, Manhattan’s November vacancy rate hit 14.8 percent, marking a 3.5 percent increase over the past 12 months. Despite the rise in office vacancy, Midtown’s total leasing exceeded 21 million square feet in 2022, according to Ivanhoé.

Cushman & Wakefield Executive Vice Chairs Josh Kuriloff and Ethan Silverstein, together with Executive Director Mitch Arkin and Director Heather Thomas, assisted the landlord in the lease signing. The CBRE team representing both tenants was led by Vice Chairmen Timothy Dempsey, Ken Rapp and Christopher Mansfield, Chief Executive Officer Marry Ann Tighe and Senior Vice President Ariel Ball.

The post Ivanhoé Cambridge Inks 1.2 MSF in Midtown Manhattan appeared first on Commercial Property Executive.

 Brokerage, New York, News, Northeast, Office, CBRE, Cushman & Wakefield, Hines, Ivanhoe Cambridge, News Corporation 

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