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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 GlobeSt.com 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 GlobeSt.com 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.

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