Steven Durels, EVP and director of leasing and real property forSL Green, tells GlobeSt.com that the locally based companycontinues to experience good tenant demand for space in Manhattan."Rates have remained strong primarily due to limited direct spaceavailability," he says. "However net effective rates have softenedas landlords become a bit more cautious as a result of concernabout the overall economy."
[IMGCAP(2)]News America operates all business activities forNews Corp. within the US. David Levinson and David Berkey of L& L Holding Co. LLC acted on behalf of the tenant in thetransaction, while SL Green was represented in-house by HowardTenenbaum, EVP, and Gary Rosen, managing director.
Although SL Green sources could not reveal taking rent oraggregate lease value, they did tell GlobeSt.com that asking rentat the property is $95 per sf. "We're delighted to welcome such aprestigious company as News America to 1185," Durels says. "Theyjoin other highly recognizable building tenants such as Hess Corp.,Bank of America, King & Spalding and the National HockeyLeague."
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