Home Entertainment and Media Company Leases Entire Flatiron Structure from TF Cornerstone
Approximately three months after its $14.6 billion acquisition of Scripps Networks Interactive, Discovery has verified the place of its new global head office at 230 Park Opportunity South, TF Foundation’s 386,000-square-foot office complex at the corner of 19th and Flatiron.
The cable network, which will inhabit the whole workplace part of the 13-story Gramercy Park building, is planning to take tenancy on phases, starting in fall of 2019 and continuing through mid-2020.
The area is stated to be a favorite with new media business, including Facebook and Spotify, which have offices there, which factored into Discovery’s decision, inning accordance with sources with knowledge of the offer.
In connection with the long-term lease signed by Discovery, TF Cornerstone said it will invest more than $40 million into structure upgrades and modernizations that include an expanded workplace lobby and outdoor courtyard. Discovery said it’s planning to add ground-floor studio and production area along with a roof balcony for workers.
Inning accordance with a TF Foundation spokesperson, the structure owner worked closely with its two existing tenants at 230 Park Opportunity South to end their leases early and help with move-outs, providing the flexibility had to accommodate Discovery’s move-in.
As soon as its brand-new house on Park Avenue is ready Discovery plans to consolidate its other regional office areas, consisting of 850 Third Avenue, Chelsea Market and 1180 Sixth Avenue. CoStar research shows Discovery renting 165,884 square feet at 850 Third Avenue. Discovery acquired the 118,850 square feet that it presently rents at 1180 Sixth Avenue when it acquired Scripps. The Scripps acquisition also brought Discovery the Food Network, which runs from 134,843 square feet at Chelsea Market, now owned by Google.
“TF Cornerstone is thrilled to welcome Discovery to 230 Park Avenue South and together expose the structure’s exceptional historical character while also improving its system and operations into of the premier Class An office complex in Midtown South,” stated Jake Elghanayan, principal at TF Foundation, in a statement.
Discovery revealed plans to transfer its present worldwide head office from the Washington DC residential area of Silver Spring, Maryland to New York City in January. Following its acquisition of Scripps, the combined company runs such cable television networks as Discovery, Food Network, HGTV, ID and TLC. It likewise owns the sports network Eurosport and has a stake in digital material generator Group 9 Media.
FOR THE RECORD: Cynthia Wasserberger, Michael Berg, Joe Judge and Hayley Schoener of Jones Lang LaSalle represented Discovery in its site selection and lease settlements. TF Cornerstone was represented by Bruce Mosler, Ethan Silverstein, Mark Mandell and John Peters of Cushman & & Wakefield.