Mark P. Boisi and Peter S. Buckley of Colliers ABR Inc. represented Random House in the 15-year lease transaction that was valued at more than $7 million. The landlord, a partnership of Cuminotto Inc. and Taurus Investment Holdings, was repped by Sean Cahill and Michael Dillon of CB Richard Ellis.
"This was an example of creative thinking on the part of Random House, which felt by combining multiple company functions under one roof it could reduce operating costs and, at the same time, generate more flexibility in the use of its real estate assets," states Colliers' Boisi. He says another benefit was that Random House wound up with a modern building located within a 75-mile radius of its operations in New York City.
The world's largest English-language general trade book publisher, Random House is a division of Bertelsmann AG. Its publishing groups are Bantam Dell, Crown, Doubleday Broadway, Knopf, Random House Audio, Random House Children's Books, Random House Diversified, Random House Information, Random House Publishing and Random House Ventures.
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