NEW YORK CITY-Viacom International, Inc. is renewing its lease at 1515 Broadway, which was set to expire in 2010. As part of the renewal, Viacom is expanding its space by 170,000 square feet, which brings their headquarters to 1.3 million square feet. The global media company is securing its midtown headquarters space until mid-2015. The building is owned by a joint venture by SL Green and SITQ. The terms of the lease were not disclosed, although the average price per square foot for the building ranges from $82–on the lower four floors–to $90 per square foot. The building totals over two million square feet of office. SL Green did not respond to inquiries by deadline.

“For more than a decade, Times Square has been the epicenter of corporate resurgence in Manhattan and 1515 Broadway stands prominently [here],” says Marc Holliday, CEO of SL Green, in a statement. “Additionally, the transaction will allow us to redesign our previously planned redevelopment and save over $200 million of potential re-tenanting costs.”

The 56-floor building is currently undergoing a $160-million redevelopment, which will redesign the glass façade and extend the façade on the base floor, along with revamps of emergency and HVAC, upgrades electrical systems, elevators, parking areas, restrooms and will provide column-free floor plates. Steven Durels, EVP and director of leasing and real property for SL Green, told that the repositioning of the building was partially motivated by Viacom’s expiring 2010 lease.

SL Green and SITQ’s joint venture acquired the 1.75-million-square-foot 1515 Broadway in 2002 for $480 million. The property is 95% leased as home to The Minskoff Theatre, AEG Live’s Nokia Theatre and Wurk Environments, LLC.

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust. Québec-based SITQ is a real estate investment, management and development firm. CB Richard Ellis Inc. and a legal team at Shearman & Sterling LLP represented Viacom in the deal. SL Green repped itslf with attorneys from Paul, Hastings, Janofsky & Walker LLP.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.