COLOGNE — Bertelsmann has sold the New York offices of its subsidiary Random House for $297 million to U.S. real estate fund group Jamestown.
Bertelsmann will lease back the office space for 15 years, with an option to extend by another 25 years. Random House will continue to be the exclusive office tenant at 1745 Broadway, where it moved after construction was completed earlier this year. It occupies the 25 lower floors of the building; the upper 25 floors are privately owned residential spaces.
“Thanks to this successful transaction, we can further focus our financial resources on developing our businesses in the U.S. and elsewhere as we maintain a long-term state-of-the art home for Random House,” said Bertelsmann’s CFO, Siegfried Luther. Bertelsmann and Jamestown previously had a 10-year relationship with another U.S. real estate venture.