A spokeswoman for Forest City Ratner Cos., which owns OneMetroTech at 70 Myrtle Ave., tells GlobeSt.com the CNG deal is for10 years with an option to renew for five more. As previouslyreported by GlobeSt.com, MetroTech Center rents are in the mid tohigh $30s.
CNG will relocate its 125 employees to One MetroTech fromseparate offices throughout Brooklyn, Queens and the Bronx. Thegroup's holdings include the Bronx Times Reporter;TimesLedger Newspapers in Queens, which publishes 14 weeklies; andCourier-Life Publications, reportedly the city's largest chain ofweeklies. CNG also produces a news-based website, www.yournabe.com, thatcovers 152 neighborhoods in the three boroughs.
"Giving the papers the opportunity to work and collaborate withtheir peers from other publications will doubtless bring newcreativity and synergies to the group as a whole, while allowingthem to better serve the communities they report on," says LeeGoldstein, SVP of News Corp., in a release.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
