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Univision Expands To 195K SF On NYC's 3rd Avenue

By Kaitlin Ugolik

Law360, New York (November 07, 2013, 6:22 PM ET) -- American Spanish language media company Univision Communication Inc. has renewed and expanded its lease in east midtown Manhattan, for a total of nearly 195,000 square feet, landlord Fisher Brothers announced Thursday.
Univision, which is reportedly considering a potential initial public offering, took an additional 19,000 square feet of space at the 605 Third Ave. tower, covering the entire 14th floor. The new deal was signed Nov. 5, according to Fisher Brothers.

Law firm Davidoff Hutcher & Citron LLP also recently expanded its footprint at the building, by 6,000 square feet. The firm now occupies more than 25,000 square feet over two floors in the building, on a lease that ends in 2030.

“Great companies seek out great space, and we're pleased that Univision and Davidoff recognized the value of being in a world-class building that can serve their growing needs,” Ken Fisher, partner at Fisher Brothers, said in a statement. “We're pleased to have Univision and Davidoff as valued tenants.”

Univision now leases 194,601 square feet over eight floors of the 1.1-million-square-foot tower near Grand Central Terminal between 39th and 40th streets.

The media company's space includes part of the 10th floor and the entire 11th, 14th, 26th, 32nd and 33nd floors, according to real estate data firm CompStak.

Just as Univision was signing its new lease in Manhattan, the demolition of its former headquarters in San Antonio was halted by a court order after objections from preservationists, according to local news reports.

Univision, which has grown significantly in recent years, recently kicked off discussions about a potential IPO. The company is backed by some of the biggest names in U.S. private equity, including Thomas H. Lee Partners, Madison Dearborn Partners LLC, Providence Equity Partners LLC and Texas-based TPG Capital.

In addition to Univision, the building at 605 Third Ave. is home to nonprofit international development agency United Nations Populations Fund and independent asset management firm Neuberger Berman Group LLC.

The building is in an area ripe for growth. The New York City Planning Commission approved a large rezoning plan for east midtown in September that could allow for taller, more modern buildings to attract more tech and media firms like Univision.

The City Council must still vote on the plan, and it faces significant hurdles, not least the change in the council's makeup in the most recent election.

Financial terms of Univision's new lease were not disclosed, and a spokesperson for Univision could not be reached for comment Thursday.

--Additional reporting by Karlee Weinmann. Editing by Rebecca Flanagan.