Summary
Take-Two Interactive Software, Inc. (TTWO) announced on December 12, 2016, that it has entered into a material definitive agreement for a new lease. This agreement concerns a significant office space in New York City, with entrances at 1133 Avenue of the Americas and 110 West 44th Street. The new lease is for approximately 61,383 square feet and has an initial term of roughly 16 years, expected to commence occupancy by late 2017. The company plans to maintain its current 622 Broadway location concurrently. This strategic move indicates expansion or consolidation of its New York operations, with substantial long-term rental commitments.
Key Highlights
- 1Entered into a material lease agreement for new office space in New York City.
- 2The new premises have entrances at 1133 Avenue of the Americas and 110 West 44th Street.
- 3Lease term is approximately 16 years, commencing December 12, 2016.
- 4Expected occupancy by late 2017.
- 5The leased space totals approximately 61,383 square feet.
- 6Aggregate committed rent for the initial term is approximately $71.9 million.
- 7The company retains the option to extend the lease for an additional 10 years and an option to lease additional space in the building.