Meredith Corp. signs a lease for nine floors in Manhattan
CoStar Realty Information Inc. reported that Des Moines-based Meredith Corp. signed a lease for 212,594 square feet on nine floors at 805 Third Ave. in New York City. The 31-story, 615,000-square-foot Manhattan office building opened in 1982.
Bloomberg News reported that Meredith plans to consolidate its 125 Park Ave. and 375 Lexington Ave. offices in the new space. When build-out is complete, the location will also include a TV studio for live broadcasts.
Manhattan office leasing by square footage increased 66 percent in the first nine months of 2010 compared with a year earlier, though rents have fallen for eight straight quarters, New York-based Cushman & Wakefield Inc. reported last month. The company’s co-chairman, Bruce Mosler, said commercial real estate rents are poised to rise in 2011.