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Industry: BANKING/FINANCIAL SERVICES; INSURANCE; CONSTRUCTION/BUILDING
NEW YORK, Feb. 26 /PRNewswire/ -- Reuters, the international news and financial information group, and Jack, Lewis and William Rudin, today agreed to terms with The Prudential Insurance Company of America governing their purchase of the Times Square site on which they will develop a new US headquarters for Reuters. The Rudins plan to begin construction this fall and to open the new building, estimated to cost $360 million, early in 2001.
As announced last fall by Governor George E. Pataki and Mayor Rudolph W. Giuliani, the new Reuters Building will rise on the northwest corner of 42nd Street and Seventh Avenue. At approximately 30 stories high, with a base footprint of 29,400 square feet, the Reuters Building will contain a total of 855,000 rentable square feet of space, some 500,000 square feet of which will become the new Reuters US headquarters. The structure also will feature a Reuters Financial Television (RFTV) studio facing Times Square.
Approximately 79,000 square feet will be devoted to retail uses over several levels, and the site will feature some 34,000 square feet of state-of- the-art signage.
The Reuters Building will consolidate some 1,800 Reuters employees on the site from seven current Manhattan locations. City and State incentives encourage a further projected 2,348 new jobs over the next 23 years.
Michael O. Sanderson, Chairman and Chief Executive Officer of Reuters America Holdings Inc., stated: "As we said last fall when we announced plans for a new Reuters Building, we are determined to grow our business in America substantially. Today, we proudly announce the execution of a formal agreement to achieve those plans. The Reuters Building will allow us to fuel our growth by achieving significant cost savings and efficiencies from consolidating our people in a single New York City location that keeps us close to many of our key customers."
The 42nd Street Development Project Inc. (a subsidiary of the...