Yelp, the user-generated review site, has signed a 7-year lease to take an additional 20,000 square feet at 100-104 Fifth Avenue, The Commercial Observer has learned.
All told, the San Francisco-based tech company will be occupying 29,505 square feet in the building, which is jointly owned by The Kaufman Organization and Invesco Real Estate.
Yelp signed a 9,505 square foot lease in the Fall of 2011.
Asking rent for the space was $55-a-square-foot. Grant Greenspan of the Kaufman Organization represented ownership in-house. Paul Milunec and Scott Gamber of CBRE represented Yelp.
CBRE declined to comment on the deal through a spokesman.
In a statement, Mr. Greenspan said:
“Since Yelp went public, they are experiencing explosive growth and we are glad to accommodate their need for an additional office space,” said Grant Greenspan, principal of the Kaufman Organization. “The location of 100-104 Fifth Ave., along with the mix of tech tenants in the building makes the property an ideal location for Yelp to continue with its growth plans in New York City.”
Mr. Greenspan did not return a phone call requesting additional comment. A Yelp spokeswoman did not return messages requesting comment.
Since buying the building in 2010 for $93.5 million, The Kaufman Organization and Invesco have brought in a slew of tech tenants like Net-A-Porter, Apple’s iAd division and Canvas (formerly Interactive Partners).
The building is 95 percent occupied with exactly 20,000 square feet of space remaining.