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WOR Radio station makes its first move downtown
As Downtown continues to attract a wide variety of diverse office tenants, none is more unusual and noteworthy than WOR Radio, which has just signed a 22,152 s/f, 15-year lease for its new headquarters on the third floor of 111 Broadway, aka Trinity Center.
WOR Radio, known in the broadcasting industry as a "Heritage Station" because it was a pioneer in the development of broadcasting in America, is the first radio station to more to lower Manhattan. It will be vacating 1440 Broadway, its home of 76 years, which came to be known as the WOR Building.
CB Richard Ellis' Bradley Gerla, Adam Foster and Gerald Friedman represented the landlord, Trinity Center LLC, led by Richard Cohen in the transaction, while M. Myers Mermel, of TenantWise, represented WOR Radio. Buckley Broadcasting owns and operates WOR Radio.
"This deal in a terrific boon for downtown." said Mr. Gerla. "Our client is very excited about welcoming the first ever radio station tenant to downtown Manhattan and feels the transaction could spark a trend for other electronic media tenants to follow suit by locating in lower Manhattan."
Richard Buckley, president of Buckley Broadcasting, commented, "I firmly believe downtown is going to blossom in the years ahead, given the large number of residential conversions underway and the slow, but steady influx of new businesses, so many of which are not the traditional Wall Street financial types. We want to be a part of that resurgence and are totally committed to establishing roots in downtown for the foreseeable future."
"WOR Radio has been a part of the New York City landscape for decades and now they will become part of the rebuilding of lower Manhattan," said Charles Gargano, Chairman of Empire State Development Corporation.
"It will be a great addition to have such a New York icon and its employees located downtown."
WOR Radio was in the process of renewing its lease at 1440 Broadway, but the quality of the space available and the compelling economics led it to consider downtown. The only other radio station situated below Canal Street is Emmis Broadcasting at 395 Hudson St. in Tribeca.
WOR plans to move 75 employees into its new space shortly after an extensive build-out of state-of-the-art studios and offices.
It will be the recipient of incentives provided under the Small Firm Attraction and Retention Program, the Lower Manhattan Revitalization Plan, the Lower Manhattan Energy Plan and the Liberty Zone Tax Benefit Plan.
Known for its talk-only format, WOR's current 24/7 programming includes such well-known broadcast journalists as Dr. Joy Browne, radio psychologist, call-in host Bob Grant and interviewer Joan Hamburg.
COPYRIGHT 2004 Hagedorn Publication
COPYRIGHT 2004 Gale Group
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