Tuesday, July 10, 2018

Disney Confirms NYC Move

The Walt Disney Company said on Monday that it would move its New York operations from its longtime home on the Upper West Side to Hudson Square, the downtown neighborhood once known as the printing district now being refashioned into a home for media, advertising, internet and other “creative” companies.

According to The NYTimes, Disney, which is in the midst of acquiring 21st Century Fox, plans to build a modern, one-million-square-foot complex that would house ABC headquarters, WABC News, offices, production facilities and studios, including those for “The View” and “Live With Kelly and Ryan,” on an entire block bounded by Hudson, Varick, Van Dam and Spring Streets. The company is leasing the property, known as Four Hudson Square, for 99 years from Trinity Church in a deal valued at $650 million.

On Tuesday, Disney plans to close on a separate agreement to sell its two Upper West Side campuses to the developer Larry Silverstein for $1.155 billion. Disney is leasing back the eight buildings that comprise its operations from Silverstein for up to five years while it draws up plans for the downtown complex, demolishes the existing buildings at Hudson Square and erects a new home.

Robert A. Iger, the chairman and chief executive of The Walt Disney Company, said in a statement Monday that the new building will let it adapt new technology and that the “move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses.”

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