News Corp., the parent of The Wall Street Journal and Barron’s, has decided to remain at its building in midtown Manhattan instead of moving to a new one at the World Trade Center, reports Steve Cuozzo of the New York Post.
Fox Business Network will also remain in midtown Manhattan.
Cuozzo writes, “It was understood that 21st Century Fox CEO James Murdoch and Fox Executive Chairman Lachlan Murdoch decided against the relocation, and News Corp. CEO Robert Thomson separately agreed.
“They decided a move would be a huge distraction for the companies’ global operations, and would require a scale of investment which would be better directed elsewhere,’ a source said.
“Real estate brokers have previously told The Post that 1211 Sixth Ave. landlord Callahan Capital Properties had made a ‘compelling’ offer to Fox and News to remain, including building modernization and public space improvements.
“However, the offer did not mean the companies are negotiating a lease with Callahan beyond the five-year extension option. The remaining time on the current lease plus the extension gives 21st Century Fox and News Corp. 10 years in which to weigh their next move.”
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