News Corp, 21st Century Fox Drop Plans for World Trade Center Move
January 15 2016 - 4:44PM
Dow Jones News
By Eliot Brown
Media companies 21st Century Fox and News Corp. have dropped
plans to move to a glassy new skyscraper at the World Trade Center,
choosing instead to stay in the companies' midtown Manhattan office
tower.
The decision comes seven months after the companies announced a
tentative plan to move to 2 World Trade Center, a jagged new tower
that would be the final building to be completed on the 16-acre
site. Rupert Murdoch is chairman of both 21st Century Fox and News
Corp, which owns The Wall Street Journal.
In a statement to employees Friday, James Murdoch, 21st Century
Fox's chief executive, and News Corp Chairman Lachlan Murdoch said
the companies would stay in their existing headquarters at 1211
Sixth Avenue until at least 2025.
"We have concluded that a relocation project of this scope could
be distracting in the near term and, given the scale of investment
in a relocation of this size, that our resources would be better
directed elsewhere," the two executives said.
While the companies had said they were considering staying in
place, 2 World Trade Center was the leading contender as of the
middle of last year. The plan was announced with fanfare, complete
with a video by the tower's architect and renderings showing off
amenities like an indoor basketball court.
The companies zoomed in on 2 World Trade Center and began
negotiating a lease after a search process led by James Murdoch
steered the companies to the new tower--one of few spaces in the
city that could accommodate the companies in their entirety. They
had planned about 1.5 million square feet.
Write to Eliot Brown at eliot.brown@wsj.com
(END) Dow Jones Newswires
January 15, 2016 17:29 ET (22:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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