Value Line takes 80,000 sf at Daily News building

Real Estate Weekly, July 7, 1993

Value Line, Inc., a leading financial services and publishing company, has relocated its Manhattan headquarters to The Daily News Building at 220 East 42nd Street, signing a 15-year lease for approximately 80,000 square feet, according to Jones Lang Wootton USA, who negotiated the $27-million lease for the tenant with LaSalle Partners, leasing and management agent for the building.

Value Line publishes The Value Line Investment Survey, and also provides money management, print and electronic services to both individual and institutional clients as well as a diverse family of mutual funds.

The firm is relocating from 711 Third Avenue, chosing The News Building after a multi-year search where it considered other New York City office buildings as well as locations in Westchester and Connecticut, said Michael J.U. Monahan, senior vice president at Jones Lang Wootton USA, who along with Mark Ravesloot, senior vice president and director of Leasing, arranged the transaction.

Another reason for selecting The News Building was that it offered large, efficient floors, Monahan said. Value Line will occupy the entire 60,000-square-foot sixth floor and 20,000 square feet on part of the fifth floor. Both floors had been used by The Daily News for manufacturing and distribution operations and had to be completely converted to commercial use, including the installation of HVAC systems and other major technological changes, Monahan noted.