After the companies made careful consideration, they have decided to maintain their New York headquarters and other business operations. The companies have extension options that could continue their occupancy on Sixth Avenue through 2025. They added that the move would have been "a huge distraction for the companies' global operations."
The media companies were slated to take on more than 1,000,000 square feet of the tower and the most expensive ever built at $4 billion.
According to the report of 6sqft, the news was a disappointment to developer Larry Silverstein. In a press release this afternoon by his company, Silverstein Properties, the developer said: "Make no mistake: it won't be long before we find a great company to anchor 2 World Trade Center... Downtown's momentum is palpable and unstoppable."
When the revenues for Rupert Murdoch's companies will be dwindling soon, as a result of a decrease in reading newspapers, and people ditching cable subscriptions, anyone may wonder how News Corp. and 21st Century Fox could afford to move into the world's most expensive place at 2 WTC in four years.
Well, the companies are not going to leave their Midtown headquarters after all. They have dropped plans to relocate to a glassy new skyscraper at the World Trade Center because of the high costs of the move from the Midtown area they currently occupy, said the companies on Friday, as per the report of Battery Park.
"We have concluded that a relocation project of this scope could be distracting in the near-term and, given the scale of investment in a relocation of this size, that our resources would be better directed elsewhere," said Fox's chief executive James Murdoch, and News Corp. Co-Chairman Lachlan Murdoch, in a joint statement.
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