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Viacom May Move to Long Island City
By
Jen Chung
Published Sep 28, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Sep 28, 2006
Modified Mar 7, 2008
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Long Island City may be losing MetLife, but now it seems like media conglomerate Viacom is considering a move to LIC. The Sun has a very interesting article about how the a move east would help reduce Viacom's cost (and improve its bottomline) if its various occupancy costs went down:
The company currently leases 1.4 million square feet (or 78%) of the space in the building run by S.L. Green (which, incidentally, is also bullish on Long Island City) at 1515 Broadway, the former headquarters of W.T. Grant. Insiders say they believe the executive and corporate offices would remain in Manhattan, at rents of about $80 a square foot when its lease is renewed in 2008.
In Long Island City, Viacom could rent brand new, class A office space for a cost of about $45 a square foot. Offices that move to Long Island City from Manhattan and other areas receive benefits in excess of $16 a square foot in rent reductions as a result of various incentive packages, including relocation incentives. In Viacom's case, that would bring the occupancy cost to $29 a square foot. Viacom shareholders, no doubt, would be happy with the possibility of such a move.
The article by Michael Stoler also has a good roundup of LIC developments, from commercial centers like Silvercup West to residential developments from the Toll Brothers.
While Viacom might move various studios to LIC, we'd imagine they'd keep their Total Request Live studios in Times Square. It's so much easier for the young fans and tourists to find them, though it would be intriguing to see if new visitors to the city would be able to make it out to LIC, given train wackiness.
Tagged
broadway
city
green
live
long island
long island city
manhattan
media
real estate
Silvercup West
the city
the sun
Times Square
toll brothers
train
viacom
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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