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Book Publisher Inks Midtown Renewal, Expansion

500 Fifth Across from Bryant Park 500 Fifth Ave. sits at the corner of 42nd Street.  Photo credit: Nick Koutoufas

 

 

 

 

NEW YORK CITY—W. W. Norton & Co. has inked a long-term, 95,000 square-foot lease renewal and expansion at its longtime home, 500 Fifth Ave.

The book publisher—which occupies 78,000 square feet and has resided in the Class A office property for more than 40 years—is leasing an additional 17,000 square feet at the property to house its growing employee base and the growing electronic publishing portion of its business.

With the new lease renewal and expansion, W.W. Norton & Company will now occupy the entire fifth through eigth floors, as well as a portion of the ninth floor

Savills Studley’s EVP Daniel Horowitz represented the tenant along with his team, comprised of executive managing director Jeffrey Peck, managing director Gary Kerper and senior managing director Roi Shleifer.

The landlord was represented in the transaction by Harry Blair, executive managing director, and Sean Kearns, executive director, of Cushman & Wakefield. Asking rents in the building are in the $68-$90 per square foot range.

W.W. Norton—the nation’s oldest and largest employee-owned publishing house—plans to revamp, reimagine and reconstruct its office space floor-by-floor in three phases over the next 1.5 years to create a new, modern, and efficient workplace.

Across from Bryant Park and the New York Public Library, 500 Fifth Ave. located at the corner of 42nd Street, is situated two blocks east of Grand Central and two blocks west of Times Square.

“After scouring the entire market, including Downtown and the New Jersey Waterfront. W.W. Norton ultimately decided that growing and expanding at its longtime home of 500 Fifth Avenue made the most sense for the company based on its positive relationship with the landlord, close proximity to amenities, and ease of commuting for its employees,” says Horowitz. “With the trend of many Midtown publishers moving to Lower Manhattan and other parts of the city, landlords more than ever appreciate the benefits of retaining existing tenants. Throughout this entire process, ownership recognized the value of a strong, stable, creditworthy tenant like W.W. Norton, and they are delighted to continue their longtime partnership together.”

Adds Jorie Krumpfer, COO at W.W. Norton & Co., “We are very pleased to reaffirm our long-term commitment to Midtown and look forward to continuing to work from 500 Fifth Avenue with its stunning views of Bryant Park and excellent access to transit. We believe that maintaining and expanding our offices in Midtown will best enable our company to continue our commitment to editorial excellence while allowing additional room for growth.”

 

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