Bloomberg Signs Lease for More NYC Space

Bloomberg L.P. announced this week that it has reached an agreement to lease 16 floors, totaling more than 400,000 square feet of office space, at 120 Park Avenue in New York according to a New York Times article. The company said that it expanded its presence in the former Philip Morris building, across from Grand Central Terminal, to accommodate the company’s rapid growth. Bloomberg will continue to maintain its headquarters space of about 900,000 square feet at 731 Lexington Ave.

"This new location is ideal as we build upon our record-setting year in 2010 and position ourselves for future growth," said Peter Grauer, Chairman of Bloomberg L.P. "We continue to hire in New York and we expect that to continue as we expand our businesses and move into new markets worldwide," said Daniel Doctoroff, President of Bloomberg L.P.

The new space at 120 Park Avenue is owned by Eastgate Realty Corporation, with CBRE representing Bloomberg in the transaction. Terms and pricing for the lease were not disclosed, but Bloomberg said it expects to begin occupying the new offices in late 2011 after renovations to the space.

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