China’s state news agency Xinhua is finalizing a deal to to move to the top floor of the 44-story skyscraper at 1540 Broadway in New York City, meaning it could soon be the newest Times Square neighbour of media giants Thomson Reuters and Conde Nast, the Wall Street Journal reported. The office space would be used as Xinhua’s North American headquarters, an upgrade from from its current New York location in Queens. The news agency says it may increase its New York staff after the move. Xinhua has been increasing its presence abroad, and is planning to launch a global English-language television channel. The news agency will have a 20-year lease at 1540 Broadway. Though the rental rate is undisclosed, average rents for prime Time Square office buildings have fallen to about US$67 a square foot from a peak of about US$82 a square foot in early 2008.