Home Alts News New York REIT Completes Prometheus Global Media Lease

New York REIT Completes Prometheus Global Media Lease


New York REIT Inc., a publicly traded real estate investment trust, has completed a new 10-year lease with Prometheus Global Media LLC. The lease totals approximately 33,100 square feet at Worldwide Plaza.

Worldwide Plaza was built in 1989 and is comprised of a 49-story, class-A office building containing approximately 1.8 million square feet of office space, approximately 30,000 square feet of retail space, a five-stage off-Broadway theater, a fitness center and a parking garage providing 475 parking spaces. The lease brings the occupancy rate for office space at Worldwide Plaza to 100 percent.

Prometheus Global Media is the owner of publications including The Hollywood Reporter, Billboard, and Adweek.

According to Michael Happel, CEO and president of NYRT, over the past 12 months, there has been a “tremendous demand” from prospective tenants. “We are pleased to welcome Prometheus Global Media to an already outstanding roster of tenants at Worldwide Plaza.”

The 10-year lease was executed for the entire 29th floor, Happel adds, “the last vacant office floor available for lease.”

In other recent NYRT news, Gregory W. Sullivan recently resigned from his positions as chief operating officer, chief financial officer, treasurer and secretary of New York REIT, Inc. He also resigned from his role as chief operating officer, chief financial officer, and treasurer of American Realty Capital New York REIT II, Inc., the companies’ 8-Ks disclosed. Read more on the subject on The DI Wire in case you missed it.

And according to another recent article on The DI Wire, pressure is mounting on NYRT.