Penguin Random House Signs Extension at 1745 Broadway

NEW YORK¬†—¬†International publisher Penguin Random House has signed a 15-year lease extension through June 2033 for 603,650-square-feet of office space covering floors 2-19 and 21-23 at 1745 Broadway.

SL Green Realty Corp (NYSE:SLG), New York City’s largest commercial property owner, along with partner, Ivanho√© Cambridge, announced the signing. This is an early renewal of Penguin Random House’s lease, which was scheduled to expire in 2018.

1745 Broadway is a 50-story building, designed by Skidmore, Owings and Merril, features state-of-the-art infrastructure, mixed-use retail, office and 101 condominium residences on upper floors known as the Park Imperial.

Steven Durels, Executive Vice President and Director of Real Estate for SL Green, commented, “We and our partners at Ivanhoe Cambridge are very pleased to have a high quality tenant like Penguin Random Housecontinue to anchor this premier asset.” He added that, “Leasing velocity in Manhattan remains robust with strong demand from legal, TAMI, financial service and healthcare tenants.”

Richard Bernstein of Cushman & Wakefield represented the tenant in this transaction while SL Green represented the landlord in-house.

SL Green is New York City’s largest commercial property owner with interests in 119 Manhattan buildings totaling 44.7 million square feet.