Blackstone Pitches Old New York Times Home to New Media
June 15, 2012
By: David M. Levitt
The Manhattan office tower that housed the New York Times for nine decades can now be found hosting social-media executives zipping around its empty floors on Razor scooters or trying out a set of ping-pong tables. ...
... “We’re trying to show that the building is iconic, but also fun,” said Josh Glick, vice president of leasing for the New York market at Blackstone’s Equity Office Properties subsidiary. “A lot of decision-makers are coming through and saying I can not only house my business here, but I can transform my business.”
Blackstone, which bought the top 12 floors of the building at 229 West 43rd St. last year, is seeking to attract fast- growing Internet and communications firms to the former home of the most august name in old media. To do so, the world’s biggest private-equity firm needs to lure tenants that have become accustomed to hip neighborhoods such as Soho, Chelsea and Flatiron to a property located in the heart of Manhattan’s theater district and steps from Times Square, an area more known for tourists than techies. ...
... Blackstone’s track record and the quality of the building should eventually entice companies to lease space there, said Jeffrey Peck, a senior managing director at Studley Inc., a brokerage firm that only represents tenants.
“Right now, tech and media tenants are focusing on the submarkets where tech companies are,” he said. “Ultimately, these types of tenants grow up and need a building with a great location and tremendous infrastructure, both of which this has.”
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