{"id":1004638010,"date":"2023-01-05T04:41:00","date_gmt":"2023-01-05T12:41:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004638010"},"modified":"2023-01-10T08:41:39","modified_gmt":"2023-01-10T16:41:39","slug":"ivanhoe-cambridge-inks-1-2-msf-in-midtown-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-inks-1-2-msf-in-midtown-manhattan\/","title":{"rendered":"Ivanho\u00e9 Cambridge Inks 1.2 MSF in Midtown Manhattan"},"content":{"rendered":"<div id=\"attachment_1004638012\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004638012\" data-attachment-id=\"1004638012\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-inks-1-2-msf-in-midtown-manhattan\/1211-avenue-of-the-americas-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1211 Avenue of the Americas\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1211 Avenue of the Americas. Image courtesy of Ivanho\u00e9 Cambridge &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg?w=1024\" class=\"wp-image-1004638012 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg?w=300\" alt=\"1211 Avenue of the Americas\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/1211-Avenue-of-the-Americas.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004638012\" class=\"wp-caption-text\">1211 Avenue of the Americas. Image courtesy of Ivanho\u00e9 Cambridge<\/p><\/div>\n<p><strong>Fox Corp.<\/strong> and <strong>News Corp. <\/strong>have signed two long-term lease extension agreements at <strong>Ivanho\u00e9 Cambridge<\/strong>\u2019s 1211 Avenue of the Americas in Midtown Manhattan. <strong>Cushman &amp; Wakefield<\/strong> represented the landlord in the lease signing, while <strong>CBRE<\/strong> facilitated the deal for the tenants.<\/p>\n<p>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.\u2019s 670,000-square-foot deal will be effective starting December 2025, while News Corp.\u2019s 486,000-square-foot agreement carries a December 2027 implementation date.<\/p>\n<p>Together with asset manager <strong>Hines<\/strong>, Ivanho\u00e9 will implement a capital improvement plan at the building. Prospective upgrades include the renovation of the 6th Avenue lobby, improvements to the property&#8217;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.<\/p>\n<h2>Midtown leasing in a post-pandemic world<\/h2>\n<p>With the ongoing tech downsizings in the Northeast, as shown by a <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">recent CommercialEdge report<\/a>, Manhattan&#8217;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\u2019s total leasing exceeded 21 million square feet in 2022, according to Ivanho\u00e9.<\/p>\n<p>Cushman &amp; 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 Mary Ann Tighe and Senior Vice President Ariel Ball.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fox Corp. and News Corp. will keep their headquarters at this trophy tower.<\/p>\n","protected":false},"author":3030,"featured_media":1004638012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32789,32799,32797,33565,33568],"class_list":["post-1004638010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-cushman-wakefield","tag-hines","tag-ivanhoe-cambridge","tag-news-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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