One of the country’s premier media agencies inked a long-term lease renewal at 75 Varick St., the landlords of the Hudson Square office tower announced Monday.
Horizon Media Holdings, which occupies 360,000 square feet across more than six floors in the 17-story building, extended its lease by 17 years, to expire in 2042, said Hudson Square Properties, which is a joint venture between Trinity Church NYC, Norges Bank Investment Management and Hines.
The partnership, whose portfolio spans 6 million square feet of commercial space in Manhattan, including 160 Varick St., 555 Greenwich St. and 205 Hudson St., among others, declined to provide the amount that Horizon is paying for its lease. CoStar, however, indicates it’s about $85 per square foot. The media company first moved into the building in 2010, taking about 115,000 square feet, and over the years has expanded both its footprint and its lease duration within the property.
The more than 1 million-square-foot building, which was constructed in 1929 along Canal Street and designed by Ely Jacques Kahn, offering sweeping views of the Hudson River, is valued at about $309 million, according to city records.
Other tenants include Google, Disney and Harry’s Razors. Late last year fitness club Equinox signed a 20-year lease for more than 30,000 square feet to open a location in the building.
Newmark’s David Falk and Peter Shimkin represented Hudson Square Properties, while Newmark’s Moshe Sukenik and Chris Mongeluzo represented Horizon Media in the transaction.
Founded in 1989, Horizon Media is the largest media agency in the U.S. It owns full-service advertising firm One Horizon and content-creation company Blue Hour Studios. Horizon has more than 2,500 workers worldwide, according to its website.
