NEW YORK CITY—Two World Center developer SilversteinProperties late Friday was notified that media giants21st CenturyFox andNews Corp. are scrapping "href="http://www.globest.com/news/12_1124/newyork/office/Fox-News-Corp-Sign-LOI-for-Downtown-Move-358525-1.html">plans announcedseven months ago to move to the building fromtheir Midtown headquarters, the Wall Street Journalreports. Thecompanies will remain at their 1211 Ave. of the Americas officesthrough at least 2025.
"We have concluded that a relocation project of this scope couldbe distracting in the near-term and, given the scale of investmentin a relocation of this size, that our resources would be betterdirected elsewhere," says JamesMurdoch, 21st Century Fox's chief executive, andNews Corp. co-chairman LachlanMurdoch in a joint statement.
The shift forces Silverstein to abandon its plans to startconstruction on the speculative office building, a spokesmanconfirms to GlobeSt.com. However, the developer's chairman,Larry Silverstein, is undeterred on theproject.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
