Though the residential real estate market hasn't been all dandelions and rainbows lately, the commercial real estate market has been even more grim. Today, the Observercontinues to note the trouble of filling expensive new office space with tenantsspecifically the under-construction 11 Times Square skyscraper, as well as developer Africa Israel's pricey renovation of the old New York Times Building (now called the Times Square Building) around the corner on 43rd Street. But in today's Post, Lois Weiss reports that the old landmark might be staying in the media biz. Viacom has been in "advanced discussions" to lease the entire building, though the company's current landlord, SL Green, is still trying to keep the conglomerate in 1515 Broadway, so identifiable with Viacom because of the hordes of teenagers that gather in Times Square to stare up into MTV's studios. According to Weiss, Viacom isn't thrilled with having to deal with 1515 Broadway's own extensive renovation, because apparently you can't block out construction noise and edit The Hills at the same time.
· Viacom Nears Lease Decision [NYP]
· Got $1 M.? Here’s an Idea [NYO]
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