Random House is looking to sublet up to nine of their 24 floors in their office building on Broadway, comprising as much as 250,000 of 645,000 square feet. Spokesman Stuart Applebaum tells the WSJ that dealing with the Peter Olson-era albatross presents a “potential savings in the millions of dollars.” He notes, “We’re in the book business, not the real-estate business. We’ll reinvest our savings into our publishing.” (With an asking rent of $55 a foot, the sublet could comprise close to $14 million annually.) Applebaum says that approximately 30 percent of Random House’s office space is currently vacant. But […]
