Business Services Industry
Bertelsmann tower close to being sold; Random House stays to rent; ADP pays up.(Real Estate)(Automatic Data Processing Inc.)
Crain's New York Business, March, 2003 by Croghan, Lore
Byline: lore croghan Bertelsmann is selling Random House's new house. But the 1,500-plus Random House staffers who have just moved into the newly constructed skyscraper at 1745 Broadway will be staying right where they are. Corporate parent Bertelsmann plans to rent the 645,000-square-foot office condominium in this building from whomever buys it.
A 15-year lease of the entire space is built into the sale deal. Bertelsmann is a highly creditworthy company, so its pledge to be a long-term tenant makes the property attractive to investors seeking low-risk, high-quality assets. Some of the bids that Bertelsmann has received for the property have topped $300 million, or a handsome $465 per square foot, sources say. The field of five contenders who made...
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