Lease Beat

Pandora Media Takes 52K at 125 Park Avenue

Courtesy of SL Green

Pandora Media will relocate its New York sales office, The Commercial Observer has learned.

Pandora Media’s corporate structure places its main office in Oakland California with several sales offices throughout the country, namely in proximity to recording studios hubs in Chicago, Atlanta, Dallas, Detroit, Los Angeles, and, of course, New York. Read More

Lease Beat

Eileen Fisher Renews, Expands at 111 Fifth Ave.

111 fifth

Eileen Fisher has renewed and expanded its lease at 111 Fifth Avenue. The retailer has signed a 15-year lease, adding the entire 19,000-square-foot sixth floor.

Asking rents for lower Fifth Avenue are in the low $60s per square foot, according to David Falk, president of the New York Tri-State region at Newmark Grubb Knight Frank, who represented the tenant. Eileen Fisher will now occupy a total of 62,000 square feet in the building.

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Midtown South

Computing Midtown South: Tech Is Booming, but for How Long?

Midtown South.

Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.

Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.

On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.

The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services. Read More

Lease Beat

Tumblr Renews And Expands

David Karp, Tumblr's Founder

The blogging site Tumblr has signed an expansion and renewal deal for its offices at 35 East 21st Street.

The company will take about 21,000 square feet in the roughly 100,000-square-foot building, doubling in size there in a lease that stretches about four years.

Tumblr is a well known brand on the web, offering a popular platform for short form blogging and picture sharing. The company has been based out of 35 East 21st Street since nearly its inception and has grown in steady increments in recent years. Read More