Bloomberg LP has reached an agreement to extend the lease at its global headquarters at 731 Madison Avenue, where it occupies all of the 947K SF of office space in the 1.3M SF building.
Alexander's, the REIT that owns 731 Madison, announced on Monday an 11-year lease extension that will begin at the expiration of Bloomberg's current lease in 2029 and run until 2040.
Vornado Realty Trust, which developed, manages and leases the property, owns a 32.4% stake in Alexander's.
"731 Lexington remains a best-in-class Midtown tower, impeccable in its design by Ceasar and Rafael Pelli, and light years ahead of the curve technologically," said Steven Roth, CEO of both Vornado and Alexander's, in a statement. "Bloomberg's decision to remain is a testament to the rare and enduring quality of the tower as well as to our successful decades-long partnership."
"I firmly believe in New York City's continued growth as a global capital that creates jobs and attracts top talent, and our company is determined to do our part to help lead the way," said Michael R. Bloomberg, founder of Bloomberg LP.
"I also believe in the power of in-person work to drive collaboration and innovation, and 731 Lexington's open spaces help us do that. We're glad to be staying," Bloomberg said, in a statement.
The 56-story tower at 731 Lexington occupies a full city block between Lexington Avenue and Third Avenue at 58th and 59th Streets. It is known for its signature elliptical courtyard and luminous crown.
Bloomberg's current NYC office footprint encompasses 2.1M SF across three buildings.