Hearst Buys NY Space For Kaboodle and UGO: $95M For 6 Floors


Hearst continues its relentless pursuit of Midtown Manhattan real estate, the Observer reports.  It is now paying $95 million for six floors of of a building next door to its new HQ. The reasoning behind this deal, which will give Hearst an additional 109,000 s.f. of office space, seems straightforward — the company seems to be close to capacity in its new building and wants expansion options. Still no word on why it has been gobbling up smaller buildings in the same neighbourhood, though. NY Observer.

Related: Hearst Acquistion Watch: Buying NYC Real Estate, Too