Ivanhoé Cambridge announced today that Fox Corporation and News Corp have signed separate long-term leases, together totalling almost 1.2 million square feet to retain each of their corporate headquarters at 1211 Avenue of the Americas, in Midtown Manhattan.
The terms of their leases each have been extended through 2042, with further extension options thereafter.
In the nearly 670,000 square foot transaction with Fox Corporation, the lease extension will be effective December 2025, while the 486,000 square foot lease transaction with News Corp will be effective December 2027.
As part of the lease extension agreements, Ivanhoé Cambridge, and its asset manager, Hines, will be embarking on a series of planned upgrades to the building, which will include a renovated 6th Avenue lobby, upgrades to the building’s outdoor plazas and entrances, and the creation of a new tenant lobby accessible from 47th Street. Work is expected to commence in late 2023.
You can read the full press release now at the link below