Telecom and cable giant Altice USA is negotiating to relocate its headquarters from Long Island to One Court Square in Long Island City.
The company, which purchased Cablevision last year for $10 billion, announced on Wednesday that it would be leaving its home in Bethpage, but didn’t identify the new location, according to Crain’s.
But sources told the news website that the location is Savanna and Waterbridge Capital’s 1.5 million-square-foot Long Island City tower. A spokesperson for Altice declined to comment on the location, but said the new headquarters would be big enough for “several hundred employees.”
That would work out to a space larger than 100,000 square feet, based on the rule of thumb that allocates 100 square feet for every employee.
“We wanted to give our employees ample time to prepare,” the spokesperson said.
The company will move executives from offices at 530 Fifth Avenue in Manhattan to Long Island City, and consolidate several locations on Long Island to its 540,000-square-foot building at 1111 Stewart Ave. in Bethpage.
Back in 2015, Savanna briefly toyed with the idea of selling its 50-story office tower, also known as the Citigroup Building, with an asking price of $500 million, but decided to pull it off the market. [Crain’s] – Rich Bockmann