Business Insider Inks 150 Fifth Avenue Sublease
Gus Delaport Dec. 12, 2013, 3:45 p.m.
Business Insider, master of the slideshow, has signed a 20,646-square-foot sublease of the entire eighth floor at 150 Fifth Avenue, The Commercial Observer has learned.
The subtenant will pay rent in the low-$50s per square foot in a deal expiring in early 2018, according to data from CompStak.
The building, owned by L&L Holdings, is wholly leased to Universal Music Group following that company’s acquisition of the assets of EMI, a know defunct music company. Sublease deals at the property have previously been signed with Edrington Group, the Scotch whisky company that produces The Famous Grouse and The Macallan whiskies, and TechMedia Network. TechMedia, owner of a number of tech and business websites, signed a deal with rent in the mid-$30s in 2011, according to CompStak.
When reached for comment via email, Andrew Wiener, director of leasing at L&L, acknowledged the deal but said the landlord was not involved in sublease negotiations.
Business Insider is currently subleasing 12,281 square feet on the 13th floor at 257 Park Avenue South. The deal, from sublandlord Independence Care Systems, carries rent in the high-$20s per square foot, CompStak data shows. Julie Hansen, the company’s chief operating officer, did not return requests seeking comment.
Bill Peters and Sean Black of Jones Lang LaSalle represented the tenant, while Ross Zimbalist of CBRE represented the sublandlord. Both brokers declined to comment.