As HBO Prepares to Leave, 1100 Sixth Ave Owners Want To Ground-Lease Site
Faced with the impending loss of the building’s only tenant, the Nickerson family, which has owned 1100 Sixth Ave for generations, is looking to lease the land under the 15-story building.
HBO leases all 315k SF of office space in the building and will be taking space at 30 Hudson Yards when its lease is up in 2019, Crain's reports. The cable channel has had its HQ there since 1984.
To get rents comparable with what can be found in the immediate area—over $100/SF on the upper floors of some buildings—an operator would have to reposition the property’s office space and its 21k SF of retail space.
The building has 60k SF of development rights, 40k SF of which could allow for the construction of an office penthouse atop the existing structure if the operator also foots the bill to make improvements to the Bryant Park subway station, at the building’s base.
CBRE's Darcy Stacom has the assignment to market the ground lease. [Crain's]
