Real estate ‘synergies’ begin at Thomson Reuters
One of the ways that Thomson Reuters hopes to save money after the merger closed is through real estate sales. In that spirit, it looks like change begins at home, in the city where Thomson Reuters’s world headquarters is located.
Here’s the top of a press release from real estate brokerage Cushman & Wakefield:
NEW YORK, May 6, 2008 – In one of the largest and most complex transactions completed in Manhattan this year, Cushman & Wakefield announced today that Newsweek has signed a long-term lease for approximately 163,000 square feet at 395 Hudson Street, owned by the New York City District of Carpenters Pension Fund.
The lease involved three separate parties and the swap of two floors by tenant Thomson Reuters, allowing Newsweek to lease the contiguous third and partial fourth floors of the 10-story office building in Hudson Square.
“This transaction allowed Thomson Reuters to consolidate and reduce office space redundancies created by the recent merger of the two companies,” said [Cushman & Wakefield Executive Vice President] Joseph Cabrera.
This is the kind of news that employees at the new company probably don’t mind hearing, even though Thomson Reuters does plan to cut an undetermined number of staff. After all, office space doesn’t mind being told they’re redundant.