By Daniel Geiger
Rainbow Media, the Cablevision subsidiary that owns a number of popular cable networks including AMC, IFC, and the Sundance Channel, has expanded onto the entire 16th floor of 11 Penn Plaza, a roughly 45,000 square foot space, according to sources.
Rainbow and Madison Square Garden Inc., two companies controlled by the Dolan family, together occupy more than 300,000 square feet at 11 Penn Plaza, a 1.1 million square foot office building that is part of a collection of properties owned by the real estate investment trust Vornado, in close proximity to Penn Station.
MSG Inc. is the holding company that owns the MSG arena, professional sports teams that play there including the Knicks and the Rangers, and television networks that cover many of the sporting and concert events at the venue.
Rainbow Media already has a number of floors of office space in 11 Penn Plaza, which is 23 stories. According a person at the company who didn’t want to be quoted for this article, Rainbow Media already occupies at least three other floors in the building, 15, 18, and 20, though it may have more space than that. A person familiar with the expansion said that Rainbow will take the 16th floor for rents in the $50s per square foot.